Bloomberg News

Latvian Banks’ Bad-Loan Provisions Rose to 11.5% at End-December

February 01, 2012

Feb. 1 (Bloomberg) -- Latvian banking industry provisions for bad loans rose to 11.5 percent in the fourth quarter from 11.3 percent a year earlier, the country’s banking regulator in Riga said today in an e-mailed statement.

Total overdue loans were 24.5 percent of total credits, while loans that were overdue by more than 90 days fell to 17.2 percent at the end of December, compared with 18 percent at the end of September, according to the statement.

The Latvian bank industry reported a loss of 179 million lati ($337 million) last year, mostly due to the suspension of Latvijas Krajbanka AS, according to the statement.

--Editors: Alan Crosby, Andrew Langley

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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