Signet Bank continues to show positive growth drivers in the first nine months of this year

Even in the face of increased global uncertainty, Signet Bank continues to successfully implement its chosen strategy – servicing and financing of local entrepreneurs and their businesses by arranging bond placements and issuing loans for company development.

In the first nine months of 2022, Signet Bank raised financing of more than EUR 65 million for its clients by arranging bond placements. In total, during this period, the bank has arranged or acted as a co-arranger in ten bond placement transactions.

The arrangement of placement of bonds and equity IPOs has become an important business line for Signet Bank, along with providing financing to local companies through loans. Bond placement transactions will remain a priority also in the future, thus making a significant contribution to the development of the capital market in Latvia.

In the nine months of 2022, Signet Bank managed to significantly increase its business volumes by increasing the number and deposits, as well as expanding the loan portfolio. In the 3rd quarter of 2022, compared to the results of the 3rd quarter of 2021, Signet Bank Group achieved the following growth of key indicators: overall revenue increased by 27%, while the reporting period was closed at a profit of EUR 782 thousand, in contrast to 2021, when the profit for the period considered was EUR 365 thousand. Compared to the end of 2021, Signet Bank Group’s capital has increased by 18%, reaching EUR 21.1 million, while deposits increased by 20%, the loan portfolio increased by 12%, and the overall client assets under management and administration (AUMA) was stable at EUR 1.2 billion.

In the context of ongoing structural changes in the Latvian banking sector and despite the difficult global environmental and geopolitical situation, the bank’s management sees many opportunities for growth. In addition to lending and bond issuance, Signet Bank also has clear opportunities for growth in servicing corporate clients and providing investment services. Having access to our clients’ substantial capital, we are able not only to use bank resources to issue loans, but also, together with the funds of our clients, to arrange syndicated financing transactions both in the form of loans and bond issues.

Signet Bank was founded in 1991 and is one of the first banks of independent Latvia. The Bank’s strategy focuses on financing local entrepreneurs and their businesses, as well as on capital management. Since the beginning of 2021, Signet Bank has provided clients with financing in the form of loans and bonds in the amount of almost 500 million euros. Signet Bank’s shareholders are nine Latvian and international private investors, the largest of which are Signet Acquisition III (25%), where the only shareholder is the US investor Alexander Solovey; AS RIT Group (19.50%) – a Latvian company owned by the Rapoport family, and SIA Reglink (15.93% ), whose founder Irīna Pīgozne is a banking professional.