BluOr Bank’s Activity Report for the First Quarter of 2023*
May 31, 2023
BluOr Bank concluded the first quarter of 2023 with a profit of 4.31 million EUR. The total volume of assets held by the bank at the end of the first quarter was 715.8 million EUR. The total portfolio of loans granted and issued by the bank at the end of the first quarter was 378 million EUR.
In line with business strategy, the bank continues to primarily focus on providing and developing services for corporate clients. During the first months of 2023, several new offerings have been developed, enabling entrepreneurs to effectively utilize their funds in both the short and long term. The new services have been well-received by both existing and new clients of the bank.
BluOr Bank continues to actively finance businesses, providing funding to entrepreneurs across various industries. The bank also maintains its program for lending to small and medium-sized enterprises.
"In the first months of 2023, there has been a resurgence of activity in the manufacturing sector and real estate development, which had slowed down due to increased costs of raw materials and energy. There is a lot of activity in the development of solar panels and wind parks, the funding applications are predominantly dominated by investment projects. Manufacturing companies are primarily focused on strengthening their business independence from fluctuating energy costs by upgrading their facilities, modernizing, and acquiring new efficient equipment. An important factor is the support program announced by ALTUM specifically for energy efficiency in the context of processing companies. Companies are also rushing to utilize other available funds and programs to reduce their production costs," commented Dmitrijs Latiševs, the Chairman of the Board of BluOr Bank, regarding the business environment in Latvia in the first months of 2023.
"Undoubtedly, the continuously rising EURIBOR rate still raises concerns for borrowers, but our bank addresses this situation by seeking solutions to ease cash flow for clients and promote the development of their businesses. BluOr Bank, for example, offers longer repayment schedules or reduces the bank's interest rates for specific projects, thus alleviating the pressure from EURIBOR rates. Together with our clients, both existing and new, we are seeking solutions that help adapt to the market situation to ensure continuous business development," commented Dmitrijs Latiševs. "BluOr Bank is committed to long-term relationships with clients, and therefore, we strive to provide comprehensive financial solutions tailored to their needs," added the Chairman of the Board of BluOr Bank.
*Unaudited financial results.
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