2022 was a year of rapid growth for Industra Bank

After several years of organizing operations, Industra Bank showed a breakthrough in 2022, with significant growth in volume, number of customers and profits. As a result, Industra Bank showed a consolidated profit of EUR 3.3 million in 2022. In addition to our major acquisition of PrivatBank, we continued to invest in the development of our services. 

In the middle of the year, the Bank's new Online Banking System was launched, and in autumn we were the first and so far the only bank to introduce the Business Income (BI) account, which is an automated tax payment solution for self-employed persons. 

Raivis Kakānis, Chairman of the Board of Industra Bank, points out: "Last year, the Bank's team showed incredible results. The most extensive and labor-intensive transaction was the acquisition of the majority of PrivatBank, which we completed in an unprecedented timeframe for the industry thanks to our ability to bring together people with experience in such acquisitions. Five months after initial negotiations about the possible deal, relationships with nearly 6,000 customers were transferred to Industra Bank. I am grateful to my colleagues for their dedicated work that made this possible! As a result of the transaction, we also became the landlord, and in January this year we moved the office to our newly acquired premises at 1 Muitas Street, Riga. This year, we will also move our customer service centre Elizabete there. Despite the takeover, we continued to invest in services and expertise. Today, we understand Latvian businesses better than yesterday, we see what they expect from the Bank and we will continue to develop our services, expertise and technology to deliver it. Our goal is to grow and help Latvian entrepreneurs on their journey of growth, to be the bank that delivers when they feel unappreciated and unheard in the conveyor belt of big banks."

Industra Bank's consolidated unaudited profit for 2022 reached EUR 3.3 million, which is 116% increase. The increase in profits was positively influenced by the rise in interest rates and the significant increase in total loans - the Bank's loan portfolio grew by 54% to reach 68 million at the end of the year. The increase was mainly driven by new loans to Latvian businesses, as well as the loan portfolio acquired in the PrivatBank transaction. The Bank's interest income reached EUR 3.6 million last year, up 57% compared to 2021. 

Industra Bank's assets grew by 57% to reach EUR 270 million on 31 December 2022, while customer deposits amounted to EUR 244 million and grew by 61% during the year. 

This year, we will continue to improve our online banking by expanding its functionalities, as well as introducing a mobile app for easy access to finances wherever our customers are. To support the growth of small businesses, we will soon offer our customers a mobile POS terminal - all they need is a mobile app and an internet connection to accept payments. It will also be possible to add it to an BI account.

From 1 March, we will be the first and currently the only bank to pay interest on account balances of up to EUR 10,000 to our retail customers (private individuals, residents of Latvia).

About Industra Bank:  
Industra Bank is a Latvian credit institution established in 1994 with 20.5 thousand customers - one thousand four hundred legal entities and 20 thousand individuals. The bank was founded by local entrepreneurs and focuses on serving Latvia's small and medium-sized enterprises. For the convenience of its customers, the bank offers eight service centres - four of them in Riga, and the others in Daugavpils, Liepāja, Ventspils and Jelgava.

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