Signet Bank closes the first half of 2021 with a significant increase in net income

Signet Bank has successfully continued to develop its business model with a focus on servicing local businesses and showed positive financial results in the first half of this year. The bank’s net fee income has increased from EUR 2.2 million to EUR 3.4 million, which is 54% more than in the first half of 2020. Also, net interest income has increased from EUR 2.5 million to EUR 3.1 million, which is 26% more than in the corresponding period last year.

The first half of 2021 was particularly active in providing financing to Signet Bank clients. Client deposits increased by EUR 53 million, which is a 30% growth compared to the end of 2020. Despite the COVID-19 pandemic, Signet Bank continued to provide its clients with a full range of services during the emergency situation declared in Latvia.

The amount of financing arranged through loans and bond issues has exceeded EUR 80 million, while the total amount of clients assets under management and administration has reached EUR 923 million. Signet Bank also continues to help clients invest in capital markets, predominantly in fixed income instruments.

The most important drivers behind our growth are bond issues, arranging financing from the bank’s own balance sheet, as well as syndicated transactions with our clients and partners. We also remain committed to supporting local businesses with new financing opportunities in the future. We see many opportunities in the Latvian banking sector as it continues to undergo structural changes. The bond market is developing dynamically, and we are pleased that Signet Bank has become a clear leader in this market segment in Latvia and an important player in the Baltics.

Roberts Idelsons, CEO of Signet Bank

Signet Bank pays greater attention to the environmental, governance and sustainability matters. The bank is committed to gradually integrating sustainability considerations into the core of all business activities. It is also planned to raise awareness among employees, clients, and partners about the environmental, social and governance challenges and opportunities. The Signet Bank group has developed a sustainability governance structure within the organisation, identifying key roles and areas of responsibility to ensure that sustainability efforts address significant issues and that they are implemented across the entire organisation.

The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy on servicing entrepreneurs and their businesses, with an emphasis on high-quality capital maintenance and structured investment projects. Signet Bank’s majority shareholders are a group of Latvian and international investors, which includes SIA Hansalink, SIA Fin.lv, and Signet Acquisition III.