LPB Bank profit in the third quarter reached 3.1 million euros

In the third quarter of 2022, all the key financial indicators of LPB Bank point to the stable and efficient operation of the Bank. Implementing the Bank’s strategy and the professional work of the entire team made it possible to make a profit of 3.1 million euros.

Key financial highlights of LPB Bank for the 3rd quarter of 2022 (unaudited):

Assets – EUR 184.1 million;
Operating income – EUR 10.3 million;
Capital and reserves – EUR 32.3 million;
Profit – EUR 3.1 million;
Liquidity coverage ratio – 120%;
Capital adequacy ratio – 18.00%.

In the reporting period, implementing the digital development strategy, LPB Bank continued to invest in the development of technological solutions. Starting in July 2022, clients can become a client of LPB Bank and open a current account remotely from anywhere in the world. The process of remote identification is provided to both individuals and legal entities. Latvian entrepreneurs and companies from other countries can open an account remotely using video identification.

In July 2022, changes were made to the management of LPB Bank – Alda Odina was elected as a new member of the Management Board. Alda Odina oversees the prevention of money laundering, terrorist financing and proliferation.

During the reporting period, Baiba Preise was appointed to the position of Risk Director of LPB Bank, and Anton Kononov became Deputy Chairman of the Management Board. Kononov is responsible for the following areas: development of e-commerce services, cooperation with fintech companies and start-ups, business development, and client service.

Constantly improving the Key2LPB mobile application, the Bank has added new functionality. For example, clients now have the opportunity to monitor their accounts: transactions and reserved amounts. The mobile application is available both on an iOS smartphone and on Android.

LPB Bank has taken over from PrivatBank a loan portfolio of EUR 743,000 with consumer loan agreements issued to students of the “airBaltic Pilot Academy”.

During the reporting period, LPB Bank continued to develop all the necessary infrastructure to provide a full range of services to fintech companies. LPB Bank is the only one in Latvia that offers a full range of Banking as a Service (Baas) services. Within the Banking as a Service framework, LPB Bank provides everything necessary to ensure that payment systems (PI, EMI, PSP) can start and serve their clients.

Employees of the Bank took part in the international conferences iGaming iGB Live and Webmaster Access, where professionals from e-commerce, FinTech, finance, gaming and many other industries participated.