LV: Bank of Latvia net profit up by 34% y/y in 2011.

By bne IntelliNews March 19, 2012
According to the audited financial statements of the Bank of Latvia, central bank posted net profit of LVL 32mn (EUR 45.5mn) in 2011, up by 34.4% y/y. Profit increase is attributed by the central bank to net interest income from Fx reserve investment. 65% of net profit or LVL 15.4mn is going to be transferred to government budget, the rest retained for Bank of Latvia reserves. Central bank posted net profit of LVL 74.4mn (EUR 105.8mn) in 2009, up by 39.2% y/y. In 2010 net profit declined by 68% y/y to LVL 23.8mn.

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