BluOr Bank successfully completes 2024 and publishes the audited annual report

BluOr Bank continues to grow steadily and strengthens its position in the financial market

The 2024 financial results strongly affirm BluOr Bank’s consistent growth, strengthened market position, and effective execution of its strategic objectives.

According to audited data, the Bank ended the reporting period with a profit of EUR 17.9 million. The Bank’s equity has reached EUR 122.4 million, while total assets amount to EUR 1 049 million.

As of December 31, 2024, the Bank’s liquidity coverage ratio (LCR) stood at 156.28%, while its capital adequacy ratio was 18.46%. Other key indicators of the Bank’s financial performance are equally strong: return on equity (ROE) stands at 20.03%, and return on assets (ROA) is 1.83%.

In the first half of the year, the Bank raised EUR 3 million in new Tier 1 and Tier 2 capital by offering to purchase bonds issued by the Bank and investing funds in a subordinated deposit. In the second half of the year, the Bank’s clients invested EUR 2.6 million in a subordinated deposit, while EUR 20 million was raised through the public offering of subordinated bonds, with demand exceeding the initial offering by 2.6 times.

This clearly demonstrates investors’ confidence in BluOr Bank’s stability, strategic focus, and long-term operational strategy. The funds raised through the bond issuance enable the Bank to not only maintain but also accelerate its financing activities, supporting the interests of entrepreneurs while implementing the Bank’s growth strategy. The strong demand highlights the market’s recognition of bonds as a key financial tool.

During the reporting period, the Bank successfully continued to implement its business strategy focused on providing services to Latvian corporate clients: over the past 12 months, the number of clients – Latvian companies has increased by 34%.

BluOr Bank continues to actively provide loans to companies, offering financing to entrepreneurs across a wide range of industries. Over the past year, the Bank has signed new loan agreements totalling EUR 254.18 million, which is 12% higher than the previous year. The financing allocated for lending to small and medium-sized enterprises and promoting business development in both Riga and the regions of Latvia accounts for 82% of new loans issued.

The total loan portfolio (loans granted and issued) increased by 19% in 2024, reaching EUR 599.3 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.

2024 was also a year of significant growth in client asset management. Compared to the previous period, total assets managed increased by 35%, and the client base nearly doubled. Investment portfolios grew by an average of 20%, delivering strong returns on BluOr Bank clients’ funds.

During the reporting period, considerable progress has been made in the e-commerce domain as well. In 2024, the number of transactions increased by 24%, transaction turnover rose by 28%, and, consequently, total e-commerce income grew by 20%.

Over the past year, the range of foreign correspondent banks has been expanded, offering more convenient options for the Bank’s clients to conduct transactions in various currencies, while simultaneously strengthening the Bank’s position and increasing income from such operations. In collaboration with its clearing partner, BluOr Bank began offering its clients direct access to stock trading in the United States and Asia in 2024.

BluOr Bank has included sustainability objectives in its business strategy, in accordance with environmental, social, and governance (ESG) criteria. A new structure has been established at the Bank to manage sustainability processes.

At the same time, during the past year, by providing financing, the Bank supported its clients in the development of various sustainability projects, such as renewable energy production, more efficient business development and transformation, and the reduction of environmental impact.

BluOr Bank also continuously improves its internal processes: a more advanced document management system and a new CRM system have been introduced to accelerate customer service processes.

BluOr Bank continues the development of technological processes in collaboration with international partners. Thus, thanks to its new payment card partner NETS, the Bank has implemented and expanded innovative technologies that have gained trust for their security across the European Union and beyond.

With the increase in the number of corporate clients and lending volumes, the BluOr Bank team has grown accordingly, attracting professional and experienced specialists.

The Bank continues to maintain a high priority on all issues related to risk management and operational compliance, closely monitoring all changes on the international scene.

In 2025, the Bank will continue to enhance both its operational efficiency and the volume of corporate lending, thereby reaffirming its key role in financing business and the economy.