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Read More on Baltic International INNOVATIONS TEAM aimed at innovations EXCELLENT OF EXPERTS and excellence SERVICE 25 REASONS WE ARE PROUD OF know-how truly individual high and experience quality service FAMILY BANK a bank owned SUPPORT by family TRUST TO STARTUPS and devoted we appreciate we believe in future to families trust of clients of start-ups and employees ESG JOY OF 25YEAR Environmental. WORKING EXPERIENCE GOOD Social. TOGETHER Let’s celebrate RESOURCE BASE Government. we love to work 25th anniversary strong resource base together! on May 3 and OUR WAY and sound development entire year 2018! OF SUCCESS, CHALLENGES RELIABILITY SUSTAINABILITY we are reliable, AND gold level open and honest in Sustainability index long-term business VICTORIES partner PATRONS SUPPORT OF CULTURE TO LITERATURE WINNERS SUCCESSION AND ART we believe in power #WinnersBorninLatvia we believe in importance care for succession of literature of families and succession of national values SMART EXPERTISE INVESTMENTS helps to find OFFICE we invest with our clients the best solutions IN THE HEART in a smart way OF OLD RIGA for our customers working in the rhythm of the heartbeats of Riga RESPECTFUL SHAREHOLDERS we trust our shareholders, RESPONSIBILITY STRONG TEAM GREEN SPORTIVE AND COMPETITIVE and they trust us responsible for wealth good team of energetic THINKING ENTHUSIASTIC PRODUCTS management of our clients and loyal experts care for nature we enjoy working wide spectrum and ourselves and sporting together and competitive features Business review 2017 CONTENTS 3 Valeri Belokon, Chairman of Supervisory Board 5 Viktor Bolbat, Deputy Chairman of Management Board 7 Bank financial results review 10 Overall review of Latvian economy 13 Developments on global financial markets 15 Baltic International Bank: support to the society, environment, and the world 19 Baltic International Bank — 25! VALERI BELOKON e Chairperson of the Supervisory Board of Baltic International Bank Whatever you do in life, do it with all your heart. Living by this motto, we’ve spent each of the 9132 days or 25 years since the foundation of Baltic International Bank on 3 March 1993. Throughout the entire period, we had enriched our life with new opportunities and unforgettable impressions as well as boosted the prosperity of your families of today and generations of tomorrow. Looking back at our accomplishments over the past 25 years, I can say that our vision has consistently revolved around the following core pillars: — True job commitment — Genuine respect towards our customers and partners — Mutual trust and confidence. As we have based our vision on the three pillars, I am firmly of the opinion that this approach has enabled us to build a really good and competitive bank, celebrate our shared achievements, tackle various challenges, tide over economic shocks, and pave our own path. Meanwhile, we have always provided you with the most valuable thing, namely the opportunity to grow and sustain your family wealth for future generations, while simultaneously contributing to the betterment of the world our children and grandchildren will inherit. My heartfelt thanks to all of our customers: those who joined us on this journey 25 years ago and those who had recently entrusted us with managing their wealth and finding the most appropriate financial solutions. I wish to thank you for all the wonderful moments you’ve spent and you’ll spend together with Baltic Sincerely, International Bank! Valeri Belokon 3 4 VIKTOR BOLBAT Deputy Chairperson of the Management Board of Baltic International Bank Baltic International Bank is a bank became already apparent in the second founded and operating in Latvia. 2018 half of 2017. Then, Bank substantially is a momentous year both for Bank and reinforced its customer service team for our country. Latvia will be celebrating and actively focused on new customer its centennial anniversary, and we’ll be acquisition (NCA) and on taking the marking Bank’s 25-year milestone. business relationship with the current In 2017, while continuing its sustainable customers on an entirely new level. All development and preparing to cross financial indicators related to the the threshold into its jubilee year, Bank customers’ funds saw growth. actively embarked on delivering its In 2017, Baltic International Bank also strategy adopted in the autumn of 2016 focused in particular on Bank’s overall and implementing its business model. performance effectiveness, investments Concurrently, Bank put major emphasis in further enhancement of the internal on wealth management solutions and control system, development of new sustainable investments. In 2017, we technology solutions, and development devoted significant attention to diversi- of new financial products and services. fication of Bank’s target markets and Our customers highly appreciate Bank’s acquisition of new customers (individuals new modern website launched in the gies, production of renewable energy, for changes, trust and readiness to task and corporates) from the European beginning of 2017 and giving the and saving of energy. To provide our just Baltic International Bank with man- Economic Area and the CIS. Last year, customers a plenty of interactive web current and potential customers with aging their own wealth and the wealth we also paid special attention to our elements. The customers also highly new investment opportunities and of their family members! A word customers based in Latvia and the Baltic appreciate Bank’s improved electronic never-seen-before finance-raising of thanks is also due to all of Bank’s staff States. And we clearly see that our trading platform. We’ve embarked solutions, we also concentrated our members for their professionalism, financial services and service level on developing a new modern version efforts on designing a corporate bond dedication and love towards work, is in high demand among domestic of Internet Banking system designed issuance service in 2017. and readiness to work so that Baltic enterprises and private individuals. to offer customer convenience. That is why I can confidently say that International Bank becomes the best The reinvention of Bank’s business to fit To deliver our strategy geared on the eve of its 25th anniversary, Bank’s bank for its customers! in with the new business model entailed towards socially responsible investing team is stronger than it has ever been. drastic changes in the customer struc- (SRI), we’ve obtained the licence I know that our accomplishments will ture in 2017. The reshaping of the busi- to operate as a fund manager. BIB serve as a solid basis for further devel- ness model has affected Bank’s financial Alternative Investment Management opment of Baltic International Bank! variables. However, I would like to will invest money of Bank and of other I wish to express my heartfelt grati- emphasize that the positive results of our investors in promising projects launched tude to Bank’s customers, business Best regards, intense efforts aimed at implementing in the Baltic States and other countries partners and shareholders for their the new strategy and business model and aimed at developing new technolo in-depth understanding of the necessity Viktor Bolbat 5 6 BANK FINANCIAL 14,4 MILLION EUROS RESULTS REVIEW operating income By the end of 2017, Bank’s operating By the end of 2017, Bank's liquidity In 2017, Bank’s activities were geared income totalled EUR 14.4 million. The net fee ratios exceeded the regulatory thresh- towards reshaping Bank’s business model 25,5% and commission income, as a percentage olds. As of 31 December 2017, the liquidi- to be aligned around Bank’s new strategy of the total operating income, increased ty ratio was 92.28%. Bank maintains a whose key aspects are wealth manage- Increase of deposits up to 24.5% showing a robust growth com- well-diversified structure of liquid assets ment solutions and sustainable invest- in the second half of 2017 pared to the same period last year when represented by bonds (19.92%), balances ments, acquisition of new customers the income accounted for 17.7%. During due from credit institutions (13.21%), on the diversified target markets the reporting period, the percentage balances due from the Bank of Latvia those financial resources to implement and enhancement of professional compe- of the net interest income increased (65.87%), and vault cash (1%). sustainable investment projects and 19%19% Other Другие countries страны tencies of Bank’s staff. up to 13.8% compared to the same The liquidity coverage ratio (LCR) to provide funding to Bank’s Implementation of the new business period last year when the reached 375.45%. Bank’s net stable customers, both individuals model entailed drastic changes in the income was 11.3%. funding ratio (NSFR) reached 158.08% and corporates, in Latvia and structure and quantity of Bank’s custom- By the end of 2017, Bank’s at the end of December of 2017. NSFR other countries. ers in 2017, and those changes fostered administrative expenses requires banks to maintain a stable By the end of December decline in deposits on Bank’s balance reached EUR 13.73 million, funding profile in relation to the compo- 2017, Bank’s assets sheet. In the second half of 2017, Baltic down 5.9% on sition of their assets and off-balance reached EUR 297.95 4% CyprusКипр International Bank substantially strength- GermanyГермания 32% 32% a year-over-year basis. sheet activities. million as they grew ened its customer service team and took The reshaping of Bank’s As of 31 December 2017, Bank’s own by 11.5% during the an active concern in new customer acqui- business model, funds totalled EUR 24.85 million. Bank’s year. Bank’s loan portfo- 4% RussiaРоссия sition and taking the business relationship the rearrangement Tier 1 capital ratio was 9.39%. The total lio reached EUR 62.73 with the current customers to the new of the asset structure, SREP ratio (TSCR ratio) reached 13%.
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