In 2024, Industra Bank continued its steady growth, increasing the volume of issued loans by 28% and further strengthening its position as a trusted and valuable financial partner for Latvian businesses and sets goal to double loan portfolio within two years. The Bank's net profit reached EUR 2.4 million, while the Group’s profit totaled EUR 3.3 million.

The Group’s consolidated core operating income amounted to EUR 16.4 million – a 6% increase compared to 2023. Meanwhile, the Bank’s core operating income grew by 22% to EUR 18.9 million. One of the key drivers behind this performance was the solid growth in the loan portfolio, which expanded by 28% to EUR 104 million by year-end.

Notably, more than half of these loans were extended outside of Riga, reinforcing our commitment to regional economic development. Industra Bank’s loan portfolio remains 100% Latvian-focused, with a strong emphasis on financing farmers, manufacturers, and industries critical to national growth.

The volume of customer deposits grew by 16% over the year, reaching EUR 256.6 million.

Despite global economic challenges and recent changes in Latvia’s tax legislation, Industra Bank has maintained a stable financial position. While profits decreased compared to 2023 (by 21% and 49% respectively), the results reflect targeted investments in service development and process modernization, focused on practical and easy-to-understand solutions for clients.

Chairman of the Board of Directors of Industra Bank, Jurijs Adamovičs, notes:

“I’m pleased with Industra Bank’s focused progress towards becoming a technologically advanced and trusted strategic financial partner for Latvian businesses on their path to growth. I would like to thank all our employees for their energy and dedication in driving the bank’s development. The bank has ambitious growth plans — alongside organic expansion, we remain open to strategic acquisitions in both the banking and non-banking financial sectors.”

Raivis Kakānis, Chairman of the Management Board, ads: “Looking ahead, our goal is to double our loan portfolio over the next two years while maintaining a focus on exporters, the agricultural sector, and real estate development. Our strength lies in close cooperation and a personalized approach, which has helped us build long-term relationships with both entrepreneurs and institutional investors.
We don’t see our clients as just statistics, but as real businesses with unique needs—and we deliver financial solutions tailored exactly to those needs.”

In 2024, Industra Bank fully implemented remote customer onboarding, making its services even more accessible. Mobile banking functionality was also improved, based on customer feedback, to ensure a more convenient and intuitive user experience.

In addition, the Bank introduced instant payment services (24/7) and an API Gateway for high-volume clients, enabling faster, more seamless integration with the Bank’s systems.

As the Bank begins 2025, its key priorities are clear:

• Expand lending to support Latvian businesses and foster sustainable economic growth.
• Enhance digital banking solutions to ensure greater convenience, security, and efficiency.
• Build closer relationships with clients by providing personalized financial services and an exceptional customer experience.
• Continue investing in people, processes, and technology to further strengthen the Bank’s position as a leading financial partner for Latvian businesses.

About Industra Bank:
Industra Bank was founded by local entrepreneurs and is focused on serving Latvia’s small and medium-sized businesses. The Bank has 18,000 clients and offers service centers in Riga, Daugavpils, Liepāja, Ventspils, and Jelgava. Services can also be accessed remotely from anywhere.
By the end of 2024, the Bank’s loan portfolio reached EUR 104 million, and customer deposits amounted to EUR 257 million.
Industra Bank is the only bank in Latvia offering automated tax payment solutions for self-employed individuals – the Commercial activity income account.