At the end of August, INDEXO Bank celebrated its second anniversary with more than 67 thousand clients, a loan portfolio of EUR 124 million and EUR 148 million in customer deposits. Since the start of operations, the Bank has paid 3 million euros in interest on deposits to its customers. As of the end of August, compared to the beginning of the year, the number of clients had increased by 36%, the loan portfolio by 123%, and customer deposits by 101%.

“The first 24 months of INDEXO Bank’s operations demonstrate that, much like we once did in pension management, we are also capable of succeeding in Latvia’s seemingly unshakable banking sector. Our rapid growth continues unabated. The pace of loan portfolio growth and deposit attraction continues to accelerate. All of this has been possible thanks to the tens of thousands of our clients who, like us, want positive change and believe that a locally owned bank can play a significant role,” says Valdis Siksnis, Chairman of the Management Board of INDEXO Bank and Co-founder of INDEXO Group.

“Just as when we started operations, we continue to see the greatest opportunities in the lending market. We are already a significant consumer lender and hold a dominant position in the mortgage refinancing segment. Our rapidly growing loan portfolio and interest income allow us to generously reward customers for the deposits entrusted to us,” Siksnis adds.

New client acquisition remains strong. Since the start of operations, INDEXO Bank has attracted an average of 7.7 thousand new clients per quarter. Customer deposits have also grown steadily, increasing by an average of EUR 16.4 million per quarter since the Bank’s launch.

At the same time, INDEXO Bank continues its path towards profitability, aiming to reach monthly operating break-even before expected credit losses by the end of the year. The Bank is also expected to launch services for business clients later this year.