Financial statement for the 1st quarter of 2021

In the 1st quarter of 2021, essential performance and efficiency indicators of LPB Bank were on solid and good level, despite the economic downturn caused by the pandemic. The Bank has been actively implementing its development strategy to provide comprehensive banking service to Latvian companies, focus on e-commerce services, and successfully develop business relations with fintech companies.

Key financial performance indicators of LPB Bank for the 1st quarter of 2021 (unaudited):

  • Assets – EUR 263.3 million;
  • Operating income – EUR 3.01 million;
  • Capital and reserves – EUR 33.6 million;
  • Profit – EUR 0.889 million;
  • Liquidity coverage ratio – 138%;
  • Capital adequacy ratio – 24.27%.

During the reporting period, the Bank continued to expand the range of its e-commerce services, with two new currencies – the Malaysian Ringgit (MYR) and the Macanese Pataca (MOP) – supported for online payment card acquiring. LPB Bank online banking solution was also improved with client needs in mind. In line with its five-year tradition, the Bank worked on a charitable contribution for the benefit of the Children’s Hospital Foundation. The new sports room at the Children’s Clinical University Hospital is now equipped with a podometer.

Robert Christian Schoepf, Chairman of the Board at LPB Bank:

Despite all the challenges, transformations and restrictions we have been facing for over a year now, we are glad about our financial performance in the first quarter of 2021. All of the Bank’s performance indicators remain at a very good level. The Bank’s 1Q 2021 assets stood at EUR 263.3 million, which is a 10% improvement since the close of the year 2020.

The past year brought many changes in the habits among the Bank’s clients – some services have lost relevance, while others have taken centre stage. We are seeing increasing demand for financing of working capital among business – a logical trend, given reduced revenues and largely unchanged expenditures that must be covered on a daily basis. The market for mortgage loans is becoming more active, and we have seen great demand for this service among our clients. 

As for LPB Bank’s e-commerce services, the number of transactions denominated in euros has increased by 161% compared to the same period of 2020.

I would like to note that we began an ambitious client service hall renovation effort in the 1st quarter of 2021, and clients of the Bank will soon be able to visit the new and improved premises, which provide substantially more modern and technological trends than before.

Of course, the health and safety of our employees have been and will remain a priority throughout the year 2021.”

To get acquainted with the financial statement, please follow this link.