Industra Bank's profit was 1.74 million euros in the nine months of 2022
In the nine months of this year, Industra Bank worked with a consolidated profit of 1.74 million euros. Even though many bank's employees dedicated their energy to ensure as smooth as possible transfer of PrivatBank customer data and contracts, we continued to work on the implementation of convenient solutions for our customers and further digitization of the bank.
This year, we have introduced a new, modern internet bank, as well as a mobile app for authorization of transactions in the internet bank, which will soon turn into a full-fledged mobile bank, where it will be possible to make payments, track your transactions, as well as to manage your payment cards and communicate with the bank. In October, we also introduced the Commercial Activity Income account (Abbreviation in Latvian – SDI account), which many small entrepreneurs have been waiting for. Now we are carefully reviewing our internal processes and we work on simplifying them to increase our efficiency and at the same time to improve the speed and quality of our customer service.
In the nine months of this year, Industra Bank has worked with a consolidated profit of 1.74 million euros, compared to 609 thousand euros in the corresponding period last year. The bank's consolidated operating income in the three quarters of this year amounted to 7.5 million euros, increasing by 15% compared to nine months last year. The bank's interest income increased by 43.7% during the year and amounted to 1.93 million euros in the nine months of 2022, having a positive effect on the results.
Supporting the citizens of Ukraine, since February 28 we have been providing account opening and payment card issuance for Ukrainian refugees in a simplified manner and free of charge. This way we have helped 587 Ukrainian refugees so far. Since September, responding to the proposal of the Bank of Latvia, we also provided Ukrainian refugees with the exchange of Ukrainian hryvnias at the rate fixed by the Bank of Ukraine. So far, 329 citizens of Ukraine have used this opportunity in eight branches of Industra Bank. In accordance with the agreement with the Bank of Latvia, we will continue to exchange hryvnias until December 9, inclusive.
Raivis Kakānis, Chairman of the Board of Industra Bank: "This year we have done a lot to ensure that our clients receive up-to-date and convenient services, at the same time taking over servicing of almost 6,000 customers from PrivatBank in a very short time, so many thanks to my colleagues for their persistent work, for their ability to constantly evaluate priorities and do more, than one might hope. We continue to improve our processes – both to increase our efficiency and to improve our customers' offer. We are currently working on the possibility of becoming a client of the bank remotely, without the need to visit a bank branch. We are also continuing work on expanding the recently introduced Commercial Activity Income account offer. Currently it is possible to add a payment card to the SDI account, so that the entrepreneur can easily access the earnings, but very soon we will offer also to add a virtual POS terminal, which will allow small entrepreneurs to ensure their customers a convenient option to pay for the services provided or the goods sold. As a bank created by local entrepreneurs, we understand the needs of our customers and our ambition is to become their first choice when they come to the question of choosing a bank – when starting a new business, or when the existing bank does not meet their expectations."
Supporting the bank's growth, the number of bank employees increased from 148 to 180.
Industra Bank's business customer loans portfolio amounts to 62.7 million euros, growing by 11% during the year, while the loans issued to private individuals reached 20.7 million euros. The total lending portfolio increased significantly due to the takeover of PrivatBank's customers. However, we are equally active in issuing new loans to Latvian companies.
The bank's deposit portfolio reached EUR 222.8 million at the end of the third quarter and increased by 50% compared to September 30, 2021.
About Industra Bank:
Industra Bank is a Latvian credit institution established in 1994 with 21.4 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.