During the first half of this year INDUSTRA group has earned a profit in the amount of 246 thousand euros versus losses of 2.8 million euros in the analogous period last year.
Positive financial results confirm once again the stability of the operation of the bank and correctness of the strategy chosen, focusing on servicing and crediting of local companies. It is appreciated also by the current and new shareholders of INDUSTRA, investing into the capital of the bank - additional issue of capital in the amount of 2 million euros was performed during this year. Significant factor of the development of INDUSTRA is change in the composition of its shareholders, when new participants join, who unanimously support the vision of the bank regarding crediting of small and medium Latvian enterprises.
During the reporting period INDUSTRA significantly reduced the volume of historically established assets not bringing assets and refused from loss-making customer service centres. The bank in general has become more effective, mobile and more focused. As a result of that the net assets of the bank increased by 33 million euros or 22% and the volume of customer investments increased by 32 millions euros or 24% during the first half-a-year.
“Increase of the capital of the bank consequently implemented and the great work made on the reduction of the volume of non-income assets has resulted in visible fruit - right thanks to this set of activities we have been able to resume crediting of local entrepreneurs both in Riga, as well as regions of Latvia - Liepaja, Jelgava, Ventspils and elsewhere. We plan that in the second half-a-year we will issue credits in the volume of another 25 million euros,” Raivis Kakānis, the Chairman of the Board of INDUSTRA emphasizes.
“Although we are a small bank, our ambitions is to become the bank of first choice among the small and medium Latvian entrepreneurs. We consider that the bank can develop well in this niche, because there are enough companies in Latvia, which do not take credits in the big universal banks due to different reasons,” indicates Raivis Kakānis.
The bank continues the work also on the introduction of new products, including establishment of a convenient, modern internet banking and mobile application.
For additional information:
INDUSTRA is the Latvian credit institution established in 1994 with more than 20 thousand of customers. In order to reflect the change in the strategy of the operation of the bank, in January 2020 the bank changed its name from Meridian Trade Bank to INDUSTRA. INDUSTRA is established by local entrepreneurs, focusing the operations of the bank on servicing of small and medium Latvian enterprises. For convenience of customers, the bank provides nine service centres - five of them are located in Riga, while the rest - in Daugavpils, Liepaja, Ventspils and Jelgava.
For more detailed information:
INDUSTRA Communication and Marketing Director
Mob. tel. 29287169