BluOr Bank continues to actively provide loans to companies, offering financing to entrepreneurs from a wide variety of industries. In the first half of the year, the Bank signed new loan agreements worth EUR 88.4 million, of which 93.6% were issued for lending and business development purposes to small and medium-sized enterprises both in Riga and in the regions of Latvia. A significant amount of funding, EUR 21 million, has been allocated for repair and construction of residential buildings, and more than EUR 8 million have been allocated for the development of Latvian manufacturing enterprises.
Total loan portfolio (loans granted and issued) as of June 30, 2024, reached EUR 515.6 million.
As a bank founded by Latvian entrepreneurs, BluOr Bank focuses on long-term relationships with its clients, therefore it continuously improves and develops existing financial services in accordance with the needs of both companies and individuals.
The Bank has provided its clients with favourable terms for accumulating and increasing financial resources, as a result of which both the number of depositors and the size of deposits have grown. Over the past six months, the range of foreign correspondent banks has expanded, thus offering more convenient options to Bank clients in conducting transactions in currencies of different countries. Also, in 2024, BluOr Bank in cooperation with a clearing partner began to offer its clients direct access to stock trading in the United States and Asia.
BluOr Bank has included additional sustainability objectives in its operational strategy, in line with the environmental, social and governance (ESG) criteria. Ensuring compliance with the requirements related to sustainability and ESG factors, BluOr Bank has conducted an assessment of the significance of ESG risks, based on information on risk management approach and the most significant balance sheet positions and areas of sustainability.
As part of the assessment of the significance of ESG risks, the Bank has identified and assessed potential risks associated with the Bank’s balance sheet positions and sustainability areas, and has prepared a risk assessment on key ESG risks and subfactors. The impact on credit risk, liquidity risk, market risk, operational risk and other risks was also part of this assessment.
BluOr Bank also continuously improves its internal processes: a more advanced document management system and a new CRM system have been introduced to speed up customer service processes. In addition, a new structural unit was introduced at the Bank in the past reporting period for managing sustainability processes.
With the increase in the number of corporate clients and the volume of lending, BluOr Bank team has grown accordingly, attracting professional and experienced specialists.
The Bank continues to maintain high priority status on all issues related to risk management and operational compliance, keeping a close eye on all changes on the international scene.
* Unaudited data