Latvian 90-Day Overdue Loans Fall to 11.1% of Total at End-2012

Latvian loans overdue by more than 90 days fell to 11.1 percent of total lending at end-2012 from 13.3 percent a year earlier, the Baltic country’s banking regulator said.

Provisions for bad loans declined to 8 percent, or 937.4 million lati ($1.8 billion), from 9.8 percent, according to a statement handed out today in the capital, Riga. Deposits grew 1.4 billion lati to 12.7 billion lati, it said.

Banks’ profits were about 122.3 million lati in 2012 following three years of losses, according to the regulator.

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