Signet Bank Group completed 2022 with stable financial results, expanding its loan portfolio and increasing the number of clients

Signet Bank Group completed 2022 with stable financial results, significantly increasing its business volumes – expanded its loan portfolio, increased the number of clients and the volume of deposits.

Compared to the results of 2021, Signet Bank Group shows the following growth in key indicators: total operating income increased by 27%, deposits increased by 12%, the loan portfolio increased by 15%, while the overall client assets under management and administration (AUMA) were stable at EUR 1 billion.

In 2022, Signet Bank was an important partner in raising capital for local business companies. Having arranged 12 bond issues, it raised a total of EUR 82 million for domestic business development plans and objectives. Interest from small and medium-sized enterprises (SMEs) in this type of financing keeps increasing as evidenced by the growing number of bond issuers and their diversity in the domestic market.

Arranging bond placements and equity IPOs, as well as providing financing to Latvian entrepreneurs by granting business loans, is the most important line of activity for Signet Bank. The development of the capital market not only provides entrepreneurs with the opportunity to increase the value of their business faster, and investors – to get a greater return on their capital, but is also a powerful tool for Latvian economic development and positive transformations. Therefore, in 2023, Signet Bank will continue to actively contribute to the growth of the Latvian capital market.

AS Expobank acquisition and merger transaction held in 2022 allowed Signet Bank to strengthen its positions in the domestic market, as well as to increase its business capacity and acquire additional infrastructure for further successful business development. We believe that Latvia’s national economy needs well-capitalized and strong banks that are able to finance companies and support the development of Latvia’s business environment in times of economic downturn.

As a result of the increase in operating profit and the completion of the merger, the Signet Bank Group’s capital increased by EUR 5 million, or 5%, compared to 2021. In the 2nd half of 2022 (after completing the merger), Signet Bank Group’s profit amounted to EUR 2.5 million.

In order to promote development based on sustainability principles, the Bank continued a series of practical tasks both in its activities and in the services provided, integrating environmental, social and governance issues. In 2022, the Bank’s clients were offered the opportunity to invest in a newly created Signet Sustainability Promoting Balanced Fund, where investments are made in both stocks and bonds, taking into account each company’s sustainability indicators and excluding those sectors that have a significant negative impact on climate change.

The Bank will continue to invest in its growth, while contributing to the development of new and sustainable services, educating entrepreneurs on how to choose the best way to promote their business growth, and informing companies about the growth potential using the instruments offered by the capital market – stocks and bond issues.

About Signet Bank

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 400 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.