Audited annual report of Rietumu Banka has been published

Financial report of Rietumu Banka and the Group, together with the auditor’s opinion of KPMG Baltics, has been published.

According to the report, the profit of Rietumu Banka before enterprise income tax amounted to EUR 16 million in 2024. As of 31.12.2024, the bank’s assets were equal to EUR 1.4 billion, client deposits – to EUR 930 million, and shareholders’ equity – to EUR 354 million. 

Last year, Rietumu Banka followed its strategy of providing services to large and medium-sized Latvian and European companies, financing clients’ business projects, introducing innovations, and developing services with high added value.

In 2024, the loans granted by Rietumu Banka amounted to EUR 131 million, and the bank’s total loan portfolio was EUR 688 million as of the end of the year.

Addressing the clients and partners, the Chairman of the Board of Rietumu Banka Jeļena Buraja emphasized the following:

“Rietumu Banka has strengthened its position as the most valuable local capital bank in Latvia. Furthermore, we confidently expanded our operations, starting cooperation with several hundred local companies. Our balanced business model provided a solid foundation for growth in a changing environment, minimizing the impact of external negative factors and focusing on new opportunities.

Financial results of Rietumu Banka ensure stable grounds for further long-term growth. We will follow our strategic priorities and continue extending the cooperation with Latvian and European companies, provide financing to our clients’ businesses, develop asset management services, and implement innovative digital solutions. Our goal is to be a reliable and strong partner for each client of the bank, providing the support and offering the solutions for both short-term needs and long-term well-being.”

Last year, with the financial support of Rietumu Banka, ambitious projects were implemented in the field of real estate construction and renovation of historical buildings, food production, and tourism development. Financing has been also granted to Latvian entrepreneurs who are developing new business lines and entering the European market.

Continuing the implementation of sustainability strategy and supporting Latvian energy independence alongside enhancing the renewable energy export potential, in 2024 Rietumu Banka provided loans for various green energy projects, as well as built the largest solar parks in Latvia on its own.

The bank will develop lending business in 2025 and the following years, providing funds to promising companies operating in different industries.

Another important focus areas will be investment services and cooperation with the leading financial institutions of the European Union and the USA to increase opportunities for the clients to perform transactions world-wide and engage into global financial market. Furthermore, cooperation with fintech sector and implementation of AI solutions are supposed to be developed.

Rietumu Banka keeps prioritizing stringent risk management, regular internal control system upgrading, and implementation of the latest regulatory requirements.

The bank also continues developing the sustainability values, such as transparency of corporate governance, gender equality, and strong organizational culture. Recognizing itself as a part of society, Rietumu Banka is one of the largest benefactors in Latvia, providing support to culture, arts, healthcare, sports, and social projects. Rietumu Banka is the patron of the Dailes Theatre, cooperates with the Latvian National Museum of Art, is the partner of Children's Clinical University Hospital, Latvian Hockey Federation, VEF Rīga basketball club, and many others.