LV: Bank of Latvia net profit down by 68% y/y in 2010.

By bne IntelliNews March 16, 2011
According to the audited financial statements of the Bank of Latvia, central bank posted net profit of LVL 23.8mn (EUR 33.9mn) in 2010, down by 68% y/y. Profit decline is attributed by the central bank to low interest rates on foreign markets and low demand of Latvian banks for CB's loans. 65% of net profit or LVL 15.4mn is going to be transferred to government budget, the rest retained for Bank of Latvia reserves. To remind, central bank posted net profit of LVL 74.4mn (EUR 105.8mn) in 2009, up by 39.2% y/y.

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