Profit of ABLV Group in H1 2011 amounted to LVL 9.8 million

August 23, 2011, 16:00 / Banking

In H1 2011, ABLV Group successfully reached its financial goals. Gradual economic recovery and increasing financial market activity facilitated achievement of great results, but most important was the effective business strategy chosen by the bank and thorough implementation of it. In terms of certain key indicators, progress of ABLV Bank was better than that of the market in general, allowing the bank to take leading positions in the Latvian banking sector.

Financial indicators as at 30 June 2011

  • Net profit of ABLV Group amounted to LVL 9.8 million, including net profit of ABLV Bank of LVL 9.1 million.
  • Total amount of deposits with ABLV Bank equalled LVL 1.33 billion, and since the beginning of the year the amount of deposits has grown by LVL 82 million, i.e. 6.6%.
  • Net loan portfolio was equal to LVL 496 million.
  • The securities portfolio amounted to LVL 377 million. During the reporting period, annual yield of the securities portfolio was equal to 3.94%.
  • Amount of ABLV Bank assets totalled LVL 1.468 billion. Since the beginning of the year, the assets have increased by 6.5%.
  • Capital and reserves of ABLV Bank amounted to LVL 83,7 million.
  • Capital adequacy ratio of ABLV Bank equalled 12.51%, ROE – 22.38%, ROA – 1.21%.
  • ABLV Bank liquidity ratio reached 73.83%.

“The major event in H1 2011 was implementation of the bank’s new brand and change of the Group companies’ names. Consequently, the process of refocusing the bank’s operations has been completed and we have made a great step towards achieving our target – the leading position in banking, wealth management, and financial advisory in Eastern Europe,” told Ernest Bernis, Chairman of ABLV Bank Board.

ABLV Bank is the largest independent private bank in Latvia. The bank’s majority shareholders – Oleg Fil, Ernest Bernis and Nika Berne – hold 85.90% of the bank’s share capital. ABLV Group includes ABLV Bank, AS; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; ABLV Transform Partnership, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; New Hanza City, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Yekaterinburg, Kiev, Odessa, Minsk, Almaty, Dushanbe, Baku, and Tashkent.

Additional information:
Ilmars Jargans
+ 371 6777 5296