The Signet Bank group almost doubled its profit last year

Having demonstrated growth in all areas of banking activities, the Signet Bank group successfully completed 2021 with a total profit of EUR 2.7 million, which is almost twice as much as in 2020. The bank’s achievements serve as a promise that the bank will continue to invest in further development, at the same time promoting the development of new and sustainable services, and educating entrepreneurs about the capital market opportunities.

In 2021, Signet Bank demonstrated growth in all areas of the bank’s activities, strengthened its position in the domestic market and successfully increased its business volumes. The bank provided over EUR 200 million in financing to its clients last year. Also, the volume of client funds in the group’s management increased by 13% compared to last year, and amounted to EUR 1.2 billion, whereas client deposits increased by 81% and exceeded EUR 324 million. At the same time, the group also managed to boost its loan portfolio by 40%, the total amount of which reached EUR 108 million at the end of the year.

The group’s profit in 2021 was EUR 2.7 million – compared to the previous year, the profit increased by EUR 1.3 million.

The Signet Bank group’s priority for 2022 will be to promote the growth of local businesses and to educate entrepreneurs in alternative funding methods. And in order to promote development based on sustainability principles, the bank has launched a series of practical tasks both in its activities and in the services provided, integrating environmental, social and governance issues. Already in 2022, the bank’s clients will have the opportunity to invest in a newly created Signet Sustainability Promoting Balanced Fund, where investments will be 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.

About Signet Bank

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 management and structuring of investment projects. Signet Bank’s shareholders are nine Latvian and international private investors.