By the end of 2024, INDEXO Bank's number of clients reached 21.1 thousand, and deposits increased to 33 million euros
The growth rate of AS INDEXO Bank's client base remains high after attracting ten thousand clients in the first month. By the end of the year, four months after the bank's operations began, the number of clients reached 21.1 thousand. At the same time, client funds grew to EUR 33 million, enabling the bank to activate lending and plan the launch of mortgage lending in the first quarter of this year. INDEXO Bank has already issued EUR 1.2 million in consumer loans.
Meanwhile, the pension management company IPAS INDEXO's second and third pillar pension plans had a total of 141,860 clients by the end of 2024, which is 3% more than at the end of the third quarter of 2024 and 12% more than at the end of 2023. INDEXO's pension assets under management at the end of last year amounted to EUR 1.34 billion, which is 10% more than at the end of the third quarter of 2024 and 46% more than at the end of 2023.
"Attracting clients and deposits is one of the most critical tasks for a new bank, as it lays the foundation for the next step – active lending to the Latvian economy. I am proud that in the first four months of operation, we have attracted more than 20 thousand clients, and the growth of clients and deposits continues every day. This shows that the residents of Latvia appreciate the advantages of our mobile app and the attractive interest rates we pay for the money entrusted to us. Our next task is to put this capital to work by actively lending to Latvian residents. We already offer consumer loans and will start issuing mortgage loans in the coming months," says Valdis Siksnis, Chairman of the Management Board of AS INDEXO Bank.
"The year 2024 was a transformative one for the INDEXO group. We successfully launched the bank, our pension fund management is profitable, even considering the growth investments in the pension business and the costs associated with establishing the bank. Moreover, we are already seeing synergies between the financial services we offer to clients and expect these trends to strengthen this year and beyond. It is also worth highlighting the successful year in global asset markets, which significantly increased client savings in our equity related pension plans. For example, the pension plan “INDEXO Jauda 16 – 55” provided a growth of 25.45% over the year. Of course, this does not guarantee similar returns in the long term, as stock markets are volatile," says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO.
About INDEXO
INDEXO is a financial services group that includes pension management companies and INDEXO Bank.
INDEXO, an investment management company licensed by the Bank of Latvia, offers modern 2nd and 3rd pillar pension plans in Latvia. It is one of the fastest-growing pension managers in the Baltics, with over 142 thousand customers and more than EUR 1.36 billion assets under management.
INDEXO Bank, a credit institution licensed by the European Central Bank, serves over 22 thousand clients, with total client funds amounting to EUR 36 million and EUR 1.6 million in issued consumer loans.
Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with nearly 6,000 shareholders. Its mission is to fight for a better financial environment in Latvia and strenghten the well-being of Latvian residents by providing modern and personalized financial services. For more information visit www.indexo.lv.
Contact Information:
Ieva Bauma
INDEXO Head of Marketing and Communications
E: ieva.bauma@indexo.lv
T: +371 28 636 789
|
