Signet Bank Group closes 2024 with dynamic growth, increases operating income by 56%, expands its business and maintains leading position in the capital market

In 2024, Signet Bank Group (further – the Group) continued its rapid development, expanding its activities in the corporate and capital market financing segments, as well as making strategic acquisitions. At the same time, the Group strengthened its presence in the FinTech sector by launching an active expansion of its subsidiary Magnetiq Bank position in the Baltics and international markets. With the restructuring of Magnetiq Bank successfully completed and a clear growth strategy, the Group is ready for the next phase of its development.

According to the consolidated audited annual report for 2024, the Group’s total operating income reached EUR 39 million last year, representing a 56% increase compared to 2023. The deposit volume increased by 19% to EUR 577 million, while the loan portfolio grew by 25%, reaching EUR 209 million. The loan portfolio expansion was driven by both stable organic growth and the acquisition of a 51% stake in the agricultural non-bank lender SIA AgroCredit Latvia at the end of 2024. This transaction aligns with the Group’s growth strategy, aiming to expand the range of financing solutions available to local entrepreneurs, increase the loan portfolio volume, and enhance its diversification.

The total client assets under management and administration (AUMA) grew by 15% in 2024, reaching EUR 1.6 billion. The Group’s investment solutions –including deposits, brokerage services, investment advisory, individual portfolio management, and funds managed by Signet Asset Management – demonstrated steady growth. This was driven by the professional expertise of the team and favorable market conditions, ensuring positive results across all segments.

At the end of 2024, the Group’s capital adequacy ratio stood at 18%, while the liquidity coverage ratio reached 166%. The Group’s net profit for 2024 amounted to EUR 5.5 million.

Throughout 2024, the Group maintained its leading position in Latvia’s capital market financing segment, facilitating EUR 165 million in funding for local entrepreneurs through equity and bond issuances, representing an 11% increase compared to 2023. The number of issuances also grew significantly – Signet Bank implemented 16 issuances, while a total of 21 issuances were completed in the Latvian market, marking a 46% increase year-over-year. According to Nasdaq Riga First North and the Regulated Market data, Signet Bank retained its position as the leading player in Latvia’s bond trading segment for the second consecutive year.

The year 2024 marked a major strategic step in the Group’s development – the integration of the subsidiary Magnetiq Bank, expanding its activities in the FinTech segment. Following its acquisition in December 2023, the Group has been working determinedly to strengthen and position Magnetiq Bank as a modern FinTech player, focusing on Banking-as-a-Service (BaaS) solutions and digital financial services. To facilitate Magnetiq Bank’s rapid growth, a rebranding was implemented in 2024 and a management team of experienced local and international FinTech professionals was established. Magnetiq Bank will continue to operate as an independent subsidiary of the Group with its own credit institution licence, offering innovative financial solutions and supporting the growth of FinTech companies.

“In 2024, Signet Bank Group further strengthened its leadership position as a leading local player in the funding and capital markets, while successfully developing the FinTech segment in Latvia. The integration of Magnetiq Bank into the Group allows us to offer new, innovative opportunities to clients in the Baltics and beyond, strengthening our role in digital financial services. The aim is to continue our development by providing both traditional and innovative financial solutions that contribute to business growth, capital market development and the dynamism of the local economy. The Group’s strategic focus on innovative financial solutions, supporting local businesses and developing the FinTech ecosystem will provide a solid foundation for the Group’s future growth.”

Roberts Idelsons, Chairman of the Board of Signet Bank

The Group continues to pay significant attention to AML/CTF and sanctions compliance by continuously improving its internal controls in line with regulatory developments and international practices.

In 2024, the Group continued to implement its sustainability strategy by consistently integrating sustainability principles at all levels of the organization and promoting the availability of sustainable financial solutions. As a socially responsible company, the Group supported a number of cultural, sporting, artistic, educational and sustainability initiatives. The Group also continued the implementation of the public education project “Capital Market Academy” in Riga and the major regional centers of Latvia – Liepāja, Cēsis, Valmiera – to provide local companies with the necessary knowledge, resources and support for effective business growth by taking advantage of the opportunities offered by the capital market.

About Signet Bank

Signet Bank is Latvia’s leading investment bank, founded in 1991 and one of the first banks in independent Latvia. Signet Bank offers sustainable financing and investment solutions to local entrepreneurs and businesses. Since 2021, Signet Bank has raised additional funding of EUR 500 million for more than 40 Latvian companies through bond and equity issues. In 2024, funds under management reached EUR 1.6 billion. Signet Bank is the leading arranger of corporate bond and equity issues in Latvia and one of the leading stockbrokers in the Baltics. Signet Bank’s shareholders are eighteen Latvian and international private investors, the largest of which are Signet Acquisition III (23.05%), whose sole shareholder is US investor Aleksandrs Solovejs, AS “RIT Group” (18.35%) – a Latvian company owned by the Rapoport family, and SIA “Reglink” (14.98%), founded by banking professional Irīna Pīgozne.