BluOr Bank AS publishes the Annual Report 2024 with the sworn auditor’s opinion and the corporate governance statement for 2024.
On March 17, 2025, the general meeting of shareholders of BluOr Bank AS unanimously approved the Group’s consolidated and Bank’s separate financial statements for 2024.
BluOr Bank continues to grow steadily and strengthens its position in the financial market
Key financial indicators
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.
See the full report published on the Bank’s website: https://www.bluorbank.lv/en/financial-information
Enclosed: BluOr Bank AS Annual Report 2024 and Corporate Governance Statement 2024.
About BluOr Bank:
BluOr Bank AS is a privately owned commercial bank of Latvia. The Bank was established in 2001. BluOr Bank AS provides a full range of banking services: daily banking services for corporate and individuals, loans to small and medium-sized companies, asset management and brokerage services.
According to the Bank’s strategy, the main business segment is corporate banking with a focus on small and medium-sized companies and corporate lending.
Additional information: https://www.bluorbank.lv
For contacts:
Ingrīda Šmite
Head of Corporate Communication and marketing department BluOr Bank
Ph.: +371 67 034 257
pr@bluorbank.lv
ingrida.smite@bluorbank.lv
www.bluorbank.lv
