BluOr Bank AS publishes the Annual Report 2023 BluOr Bank AS publishes the Annual Report 2023 with the sworn auditor's opinion and the corporate governance statement for 2023.
On March 11, 2024, the general meeting of shareholders of BluOr Bank AS unanimously approved the Group’s consolidated and Bank’s separate financial statements for 2023.
BluOr Bank continues to grow steadily and strengthens its position in the financial market
Key financial indicators
BluOr Bank’s activities in 2023 are characterized by stability and targeted development in accordance with the Bank’s business model and strategic goals.
The Bank completed 2023 with a profit of EUR 12.6 million, which is 20.1% more than in 2022. Net operating income of the Bank during the reporting period amounted to EUR 37.5 million. The amount of the Bank’s equity capital is EUR 84.7 million. Total assets of the Bank increased by 35% and amounted to EUR 924 million by the end of 2023.
At the end of 2023, the Bank’s liquidity coverage ratio reached 176.6%, the capital adequacy ratio was 16.19% (Common Equity Tier 1 adequacy ratio 14.97%). Other key indicators of the Bank’s financial performance are also successful: return on equity (ROE) – 14.68% and return on assets (ROA) – 1.67%.
Considering the important role of lending in the growth of the national economy of Latvia, BluOr Bank, in accordance with its business strategy, continued to provide financing to domestic enterprises as a priority in 2023, as evidenced by a significant increase in lending. During the reporting period, the Bank has signed new loan agreements worth EUR 227 million, which is 51% more than originally planned. Corporate lending has doubled compared to 2022: it has increased by 118%.
During the reporting period, the Bank provided support for the growth of enterprises in various sectors and actively supported enterprises in industries such as manufacturing, agriculture and food production. In 2023, the Bank’s loan portfolio again included projects to reduce environmental impact and sustainability projects focused on green energy that are receiving increasing attention in the global context.
The total loan portfolio has increased by 38% over the past year, reaching EUR 503 million at the end of the reporting period.
Considering the importance of maintaining the growth potential of small and medium-sized enterprises (SMEs) in the context of the Latvian economy, the Bank continued to ensure the availability of financial resources for the mentioned segment of enterprises and business promotion not only in Riga, but also in several regions of Latvia. In 2023, lending to SMEs and microenterprises accounted for 80% of the total volume of loans issued by the Bank. Several of these projects were implemented in successful cooperation with the state-owned development finance institution ALTUM.
BluOr Bank has included additional sustainability objectives in its operational strategy, in line with the environmental, social and governance (ESG) criteria. These include a clear definition of the requirements for projects that the bank is ready to support, considering global trends in achieving climate protection goals. Thus, the bank also sets out clear basic operating principles for its clients, companies and organisations, which includes environmentally friendly practices, social responsibility and good governance, promoting sustainable development and a positive impact on society and the environment.
In 2024, BluOr Bank will continue to provide financing to Latvian enterprises as a priority area of activity, as well as maintain the development and implementation of products and services promoting the business development of companies.
See the full report published on the Bank’s website: https://www.bluorbank.lv/en/financial-information
Enclosed: BluOr Bank AS Annual Report 2023 and Corporate Governance Statement 2023.
About BluOr Bank:
BluOr Bank AS is a privately owned commercial bank of Latvia. The Bank was established in 2001. BluOr Bank AS provides a full range of banking services: daily banking services for corporate and individuals, loans to small and medium-sized companies, asset management and brokerage services.
According to the Bank’s strategy, the main business segment is corporate banking with a focus on small and medium-sized companies and corporate lending.
Additional information: https://www.bluorbank.lv
Ingrīda Šmite
Head of Corporate Communication and marketing department BluOr Bank
Ph.: +371 67 034 257
pr@bluorbank.lv
ingrida.smite@bluorbank.lv
www.bluorbank.lv
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