The highest return on equity in the Latvian banking sector in 2022

Industra Bank worked with a consolidated profit of 4.3 million euros, according to its audited results, while the bank's profit reached 4 million euros. Proficient capital use and rapid growth last year allowed the bank to provide to its shareholders the highest return on equity in the Latvian banking sector.

Industra Bank's chairman of the board, Raivis Kakānis, notes: "Proficiently using capital, we have been able to achieve the highest return on equity indicators in the sector in 2022 - the return on equity (ROE) in group level reached 25%, compared to the 11% indicator in 2021. This year, we will continue to improve our service offering, competence, and technology to ensure a further stable increase in the number of clients and the volume of services provided."

In 2022, Industra Bank's consolidated audited profit reached 4.3 million euros, an increase of 183%. The significant increase in the total amount of loans issued had a positive impact on the growth in profit - the bank's loan portfolio grew by 54% and reached 70 million euros at the end of the year. The increase was mainly due to new loans granted to Latvian entrepreneurs, as well as the acquisition of the loan portfolio from PrivatBank.

Industra Bank's assets increased by 57%, reaching 270 million euros on December 31, 2022, while customer deposits amounted to 244 million euros, representing a 61% increase over the year.

Last year, we introduced a new internet bank and the Industra Code app, and as the first and only bank, we introduced an automated tax payment solution for self-employed persons - the SDI account. This year, we will continue to invest in services - in March, we introduced vPOS - POS terminal in smartphone, and soon our customers will have access to mobile banking, new internet banking functionalities, and other service improvements.

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