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Published: 2023-03-20 12:32:18 CET
BluOr Bank
Annual Financial Report

BluOr Bank AS publishes the Annual Report 2022

On March 20, 2023, the general meeting of shareholders of BluOr Bank AS unanimously approved the Group’s consolidated and Bank’s separate financial statements for 2022.

BluOr Bank AS publishes the Annual Report 2022 with the sworn auditor’s opinion and the corporate governance statement for 2022.


In 2022, BluOr Bank AS strengthened its strategic positioning in providing services to Latvian enterprises


Key financial indicators

As the audited data show, the Bank completed 2022 with a profit of EUR 10.5 million, which is 7% more than in 2021. Net operating income of the Bank during the reporting period amounted to EUR 26 million. The amount of the Bank’s equity capital is EUR 80.3 million. Total assets of the Bank at the end of the year were EUR 685 million.

The Bank’s liquidity at the end of 2022 was 72%. Other key indicators of the Bank’s financial performance are also successful: return on equity (ROE) – 13.2% and return on assets (ROA) – 1.3%.

Given the fact that maintaining the pace of lending is an important tool for stimulating the national economy, BluOr Bank, in accordance with its business strategy, continued to provide financing to Latvian companies as a priority in 2022, as evidenced by its lending indicators. In 2022, the Bank signed new loan agreements worth EUR 104 million, thereby contributing to the development of specific industries, the development of new export markets and the use of new business opportunities for the Latvian economy during a difficult period. Under the loan agreements, the Bank will gradually increase its financial support for projects aimed at green energy and reducing environmental impact. The total loan portfolio at the end of the reporting period was EUR 365 million.

Considering the role of small and medium-sized enterprises (SMEs) in stabilising and growing the Latvian economy, for the third year now, the Bank has been implementing the funds availability program for this business segment. Lending to SMEs in 2022 accounted for 86% of the total volume of loans issued by the Bank. Among them, several projects were implemented in successful cooperation with the state-owned development finance institution ALTUM.

The Bank has been purposefully improving financial services for legal entities. As a result, there was a steady growth in the number of the Bank’s clients – Latvian legal entities: a 28% increase in the reporting period. At the end of 2022, 98% of the total client base accounted for clients from Latvia, the Baltic States and Europe.

For the second year in a row, the Bank has been ranked among institutions in Latvia that meet the status of “other systemically important financial institutions” in the financial sector under the Credit Institution Law. This means that the Bank demonstrates stable upward growth through its purposeful work and contribution to the Latvian financial market. This status also imposes additional requirements, introduction of stricter norms and criteria, which is a necessary factor for the future development of the Bank.


In 2023, in line with the business strategy, BluOr Bank will continue to focus on entrepreneurs and the provision of services that contribute to the modernisation of Latvian enterprises, acquisition of new export markets, paying special attention to projects aimed at the development of environmentally friendly materials, recycling and other solutions, following the common objective in the context of European climate change and energy efficiency.


See the full report published on the Bank’s website:  https://www.bluorbank.lv/en/financial-information


Enclosed: BluOr Bank AS Annual Report 2022 and Corporate Governance Statement 2022.



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





bluorbankas-2022-12-31-en with opinion.zip