Industra Bank had a consolidated profit of 1.5 million euros in 2021, according to the audited results. Thus, after seven years, the bank has returned to a healthy growth and profitability. Last year extensive work was accomplished to increase the bank’s efficiency. We also invested in products, to bring our customers improved banking services that meet today’s requirements already this year. 

In 2021, Industra Bank returned to a healthy growth and profitability. Last year, the bank issued new loans to Latvian companies in Riga and other regions in the amount of 11.6 million euros, with the total business loan portfolio reaching 36 million euros, while the total amount of new loans issued last year amounted to 16 million euros. The bank's total net loan portfolio reached 44 million euros, increasing by 6% during the year. We also continued to reduce legacy non-performing assets by selling a large portion of properties taken over historically, which allowed us to use these funds to provide financing for our business customers and helping their ideas come true.

Thanks to the growing loan portfolio and replacement of non-performing loans by new income earning loans, Industra Bank's net interest income increased three and a half times last year, reaching 1.2 million euros. Commission income was 7.7 million euros compared to 4.6 million euros in 2020, increasing by 66% during the year. Working purposefully to attract local business customers, the commission income from residents increased significantly. E-commerce also made a significant contribution to commission income, given the growing demand caused by changing habits in society because of the pandemic.

Deposits amounted to 146.4 million euros, increasing by 16% during the year.

Raivis Kakānis, Chairman of the Board of Industra Bank, points out: “Last year, the bank's team did a tremendous work, continuing to implement our vision of creating a bank that purposefully supports its customers – small and medium-sized Latvian companies. A bank that is accessible and easy to understand to its customers, a bank which makes decisions quickly but not in a hurry. This year we will continue at the same pace, in the second half of the year introducing a new, convenient Internet bank and mobile application, a special account for payers of micro-enterprise tax (In Latvian - SDI konts), a CRM system for higher customer service quality and other novelties.”

"However, life sometimes brings unplanned adjustments. Thus, in response to the war in Ukraine, already on 28 February we introduced a simplified procedure for opening a current account and payment card for Ukrainian refugees at no fee, thus helping these people to regain control of their lives, at least to some extent. Till the end of March, we have opened accounts for 141 citizen of Ukraine,” says Raivis Kakānis, and continues “due to the current events, we also cannot be too optimistic in forecasting this year's results. The Latvian economy will be significantly affected by the geopolitical situation and the sanctions imposed on Russia and Belarus."

Industra Bank was the ninth largest bank in Latvia in terms of deposits (EUR 151 million), while the bank's liquidity coverage ratio (409%) was the third best in the Latvian banking sector as at the end of 2021. The bank's assets amounted to 172.3 million euros. The bank has stable financial indicators, its return on equity (ROE) during the reporting period reached 10.8% (group), 11.7% (bank), while return on assets (ROA) amounted to 0.9%.

About Industra Bank:  
Industra Bank is a Latvian credit institution founded in 1994 with more than 18 thousand customers – over a thousand legal entities and 17 thousand private individuals. To reflect the change in the bank's strategy, in January 2020 the bank changed its name from Meridian Trade Bank to Industra Bank. The bank is owned by the local entrepreneurs, and it focuses on servicing Latvian small and medium-sized enterprises. For the convenience of customers, the bank offers eight service centers - four of them located in Rīga, while the rest in Daugavpils, Liepāja, Ventspils and Jelgava.