Financial Statement for Q3 202019.11.2020
LPB Bank profit reached EUR 4.7 million.
The third quarter of 2020 has a business-friendly environment for LPB Bank, despite the economic slowdown caused by the COVID-19 virus. All the most important performance and efficiency indicators are at a high level, which proves the Bank's ability to be stronger than market conditions. The Bank continues its proactive development focusing on the provision of e-commerce services.
The most important financial indicators of LPB Bank at the end of the third quarter of 2020:
- The Bank's profit for the nine months period of this year amounted to EUR 4.7 million;
- The amount of the Bank’s assets - to EUR 193.7 million;
- The Bank’s operating income (profit) 11.5 EUR million;
- The Bank’s capital and reserves amounted to EUR 32,9 million;
- The Bank's liquidity coverage ratio reached 258%, while the Bank's capital adequacy ratio reached 19.42%.
During the reporting period, the Bank expanded the range of services in the local market: special complex services were developed and offered to Latvian entrepreneurs. The Bank continued active cooperation with local e-commerce businesses by resuming the POS terminal service. Thinking about the comfort of entrepreneurs, the Bank started issuing new payment cards for business, which will soon be supplemented with new privileges from Mastercard - Lounge Key and Flight Delay Pass.
Robert Christian Schoepf, Chairman of the Board of LPB Bank says: “During the reporting period, significant investments were made in the Bank's technological projects to increase the availability of our services on the Internet. Of course, the pandemic caused by the COVID-19 virus has become a serious challenge for many companies, but we can clearly see that for some of our clients - entrepreneurs, COVID-19 has become an opportunity to develop new business ideas or modernize existing services. We are happy that more and more new companies have decided to use e-commerce services offered by our Bank and redirect their business online.
Undoubtedly, the health and safety of our employees and customers has been and remains a priority throughout 2020.”
We would like to express our gratitude to the Bank's shareholders and customers for their trust and support, as well to LPB Bank employees for their contribution to the Bank's development!
You can find more about financial statement here.