User:Kirkidu/sandbox

Intro: Rietumu Banks is a Latvian private commercial bank founded in 1992, as a joint-stock company.

The bank specializes in providing financial services to businesses and private individuals primarily in Latvia and Baltic States. Rietumu is one of the largest private banks in the Baltics and a major player in the local capital banks in Latvia. The bank’s headquarters is located in Riga, Rietumu Capital Centre (Vesetas street 7, Riga, Latvia).

New business areas continued:

2021

In the 2021’ letter to the shareholders, AS “Rietumu Bank” has expressed satisfaction with their anual results, validating their previous strategic decisions in 2018-2019. The bank is now focusing on a new development phase, expanding their financing presence and implementing an Environmental, Social, and Corporate Governance (ESG) culture. One of the key decisions in 2021, was raising several dozen millions of euros from the European Central Bank under the TLTRO program, thus further expanding bank’s financing score.

Audit:

In 1994, Rietumu Banka underwent an audit on its own initiative, a year before "On Credit Institutions" law went into effect. Since 1995, Latvian commercial banks are required by law to undergo an annual audit by one of the largest international audit companies. Rietumu Bank publishes the complete Independent Auditor's Report on its annual examination results. As of 2021, BDO Latvia, which is the part of BDO Global (one of the largest accounting and consulting network in the world) is bank's independent auditor.

Perfomance:

The bank presents its financial results as a collective "Group". The companies within the Group receive their financing from the Bank, either through loans or capital investments. The Bank typically owns all of the shares of its subsidiaries, meaning it has full ownership and control over them.

Profitability:

In 2021, the Group's net income attributable to equity holders of the Bank rose to EUR 27 million from EUR 10 million in 2020. In 2021, the Group's operating income increased to EUR 82 million, up from EUR 69 million in 2020. This represents a significant increase in profitability, with the Group achieving an after-tax return on equity of 8.41% (2021) vs 3.59% (2020).

Financial Statements:

As of December 31, 2021, the Group's total assets amounted to EUR 1.5 billion. The Group adopts a conservative approach to asset allocation, with approximately 45% of its assets invested in liquidity management portfolios. The bond portfolio is primarily composed of investment-grade securities issued by corporations, reflecting the Group's commitment to maintaining a high standard of credit quality in its investment strategy.

Group's Liabilities for accounts and deposits account for EUR 1 billion.

As of December 31, 2021, the total shareholders' equity of the Group amounted to EUR 355 million.

Name of Page you are contributing to: https://en.wikipedia.org/wiki/Rietumu_Banka

https://www.bank.lv/en/statistics/information-for-data-users/information/550-publications/3808-supervision-of-credit-institutions

https://en.wikipedia.org/wiki/ABLV_Bank

rietumu.com/documents/english/ar/ar2021.pdf

https://www.proquest.com/docview/2543898746?accountid=9676&parentSessionId=DXgKBIuzcZCVyj0W0vwDA9e8tuUVPAzHx5snjEZRCfM%3D&pq-origsite=primo