Latvian banks with aggregate profit of EUR453.7m in 2016

SEB Banka, Ventspils, Latvia (Андрей Романенко, CC BY-SA)

Amazon increases investment in Poland

Romania with surplus in international trade with IT services

Latvia

The Baltic Course informs that Latvian banking sector has been growing since 2012. In 2016 banks posted aggregate profit of EUR453.7m. It’s up 9.1 per cent y/y. In 2015 the sector’s profits were EUR415.9m, in 2014 EUR311m, in 2013 EUR246.2m and in 2012 EUR174m.

The banks’ profitability growth in 2016 was basically ensured by income earned by selling shares of Visa Europe Ltd. to the U.S. company Visa Inc. Without it the Latvian banks’ 2016 profit would have been EUR335m, down 19.5 per cent comparing to 2015.

16 Latvian banks and three branches of foreign banks made EUR466m of aggregate profit in 2016, and they hold about 98 per cent of the banking sector’s total assets.

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Poland

The Polish Radio reports, after the Polish Press Agency (PAP), that American Amazon continues its investments in Poland. The internet-retailer will open the fifth logistics centre in the country – located in the Silesia. Amazon has already invested some PLN3bn (EUR695.4m) in Poland – establishing three logistics centres, a Technology Development Centre (located in northern Poland) and a Web Services Office (located in Warsaw). It created 7,000 new jobs.
Amazon, established in 1994 in the USA by Jeff Bezos, is the second biggest e-commerce platform in the world. Number one is Chinese Alibaba.com.

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Romania

Romania, sometimes nick-named as “The Sillicon Valley of Transylvania”, increased its exports of ITC services in 2016. The volume of exported services reached EUR2.5bn, the Romania Insider reports. It’s up 16 per cent compared with 2015.

Romania’s National Bank informed that the international trade of IT services reached EUR1.7bn, up 23 per cent y/y. The exports of IT services made up 14 per cent of the country’s total exports of services. There are over 300 Romanian-grown start-ups and this number increases each year.

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What’s up in indexes

BET (of Bucharest) increased from 7,801.42 index points Monday, February 20th to 7912.64 index points Tuesday, February 21st. It was up 1.49 per cent d/d and up 24.91 per cent y/y.

BUX (of Budapest) increased from 33,974.00 index points Monday, February 20th to 34,324.99 index points Tuesday, February 21st. It was up 1.03 per cent d/d and up 47.11 per cent y/y.

CROBEX (of Zagreb) increased from 2,222.97 index points Monday, February 20th to 2,225.48 index points Tuesday, February 21st. It was up 0.11 per cent d/d and up 40.38 per cent y/y.

OMXR (of Riga) increased from 747.70 index points Monday, February 20th to 748.65 index points Tuesday, February 21st. It was up 0.13 per cent d/d and up 22.09 per cent y/y.

OMXT (of Tallinn) decreased from 1,113.91 index points Monday, February 20th to 1,106.50 index points Tuesday, February 21st. It was down 0.67 per cent d/d and up 22.39 per cent y/y.

OMXV (of Vilnius) decreased from 560.68 index points Monday, February 20th to 560.45 index points Tuesday, February 21st. It was down 0.04 per cent d/d and up 16.34 per cent y/y.

PX (of Prague) increased from 973.32 index points Monday, February 20th to 974.47 index points Tuesday, February 21st. It was up 0.12 per cent d/d and up 9.91 per cent y/y.

SAX (of Bratislava) increased from 307.77 index points Monday, February 20th to 308.29 index points Tuesday, February 21st. It was up 0.17 per cent d/d and down 1.34 per cent y/y.

SOFIX (of Sofia) increased from 608.28 index points Monday, February 20th to 610.51 index points Tuesday, February 21st. It was up 0.37 per cent d/d and up 36.71 per cent y/y.

UX (of Kyiv) increased from 917.04 index points Monday, February 20th to 921.02 index points Tuesday, February 21st. It was up 0.43 per cent d/d and up 46.94 per cent y/y.

WIG20 (of Warsaw) increased from 2,192.79 index points Monday, February 20th to 2,248.52 index points Tuesday, February 21st. It was up 2.54 per cent d/d and up 20.91 per cent y/y.

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