Industra regains profitability and resumes corporate lending
The financial results of Industra for the 1st quarter of 2021 show that the bank has regained profitability and has ended the reporting period with a profit of 44 thousand euros, compared to a loss of 1.871 million euros in the same period last year.
Positive operating results were achieved due to the transformation of Industra and the implementation of the new development strategy. The bank has managed to renew its lending services within a reasonable period of time, mainly to support local companies. At the same time, the bank has improved the efficiency of its processes, has reduced insignificant administrative and other costs, as well as has continued purposeful attraction of customers - Latvian real economy companies.
Raivis Kakānis, Chairman of the Board of Industra, emphasizes: “The bank has been operating with negative results for almost seven years, losing on average about half a million - one million euros in a quarter, therefore I am particularly pleased that the great work we have put into implementing the change in Industra's business model has borne fruit and has made it possible to achieve the first, so far small, profit.
"The obtained results confirm that the chosen strategy was correct and, although the economic situation in Latvia and in the world is still fragile, we have grounds for pragmatic optimism. There is still a lot to be done, "- says Raivis Kakānis, - "we are currently actively working on the introduction of new products, the development of a new Internet bank and mobile application, as well as the introduction of other products important for the convenience of customers."
For additional reference:
Industra is a Latvian credit institution founded in 1994 with more than 20 thousand customers and according to this indicator Industra is the sixth largest bank in Latvia. To reflect the change of the operating strategy of the bank, in January 2020 the bank changed its name from Meridian Trade Bank to Industra. Industra has been established by local entrepreneurs and the bank's activities are focused on servicing Latvian small and medium-sized enterprises. For the convenience of customers, Industra offers nine service centres - five of them are located in Riga, but the rest outside its borders - in Daugavpils, Liepaja, Ventspils and Jelgava.