{"id":49461,"date":"2026-02-26T16:46:36","date_gmt":"2026-02-26T14:46:36","guid":{"rendered":"https:\/\/indexo.lv\/?post_type=zinas&p=49461"},"modified":"2026-02-26T16:46:48","modified_gmt":"2026-02-26T14:46:48","slug":"indexo-reports-a-year-of-strong-growth-bank-significantly-accelerates-development-group-reaches-200000-clients-for-the-first-time","status":"publish","type":"zinas","link":"https:\/\/indexo.lv\/en\/zinas\/indexo-reports-a-year-of-strong-growth-bank-significantly-accelerates-development-group-reaches-200000-clients-for-the-first-time\/","title":{"rendered":"INDEXO reports a year of strong growth \u2013 Bank significantly accelerates development, Group reaches 200,000 clients for the first time"},"content":{"rendered":"\n

The INDEXO financial services group concluded 2025 as a year of strong growth across all key areas of operation. IPAS INDEXO, the parent company of the INDEXO financial services group, generated a profit of EUR 2.18 million in its pension management business, continuing to grow both its client base and assets under management. Meanwhile, INDEXO Bank significantly expanded its operations by investing in IT infrastructure, product development, and customer acquisition. The consolidated result of the INDEXO Group for the reporting year was a loss of EUR 7.74 million, reflecting targeted investments to accelerate the bank\u2019s growth.<\/strong> <\/p>\n\n\n\n

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\u201cLast year was a period of significant change and dynamic development. Our pension management business continued to grow with our focus on the voluntary saving market. We more than doubled the operational scale of INDEXO Bank, which was established in 2024. In addition to organic growth, INDEXO also acquired another pension fund management company, IPAS VAIRO, and at the end of the year executed an unprecedented transaction in the Latvian capital market by launching a voluntary share buyback offer and acquiring decisive influence over AS DelfinGroup. We continued to make substantial investments in the bank\u2019s IT and customer acquisition. As a result of these developments and the simultaneous growth across multiple business lines, we have laid a solid foundation for INDEXO to become one of Latvia\u2019s leading locally owned financial services groups in the coming years,\u201d says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of INDEXO\u2019s founders. <\/p>\n\n\n\n

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INDEXO Pension management increases client numbers, assets and profitability<\/h2>\n\n\n\n
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In 2025, the number of clients in INDEXO\u2019s pension management business increased by 17,610, reaching 159,470 clients at year-end, representing a 12% increase compared to the end of 2024. Over the past 12 months, total assets under management in INDEXO pension plans grew by 17% to EUR 1,566 million. During the same period, Latvia\u2019s total second-pillar pension market expanded from EUR 8.78 billion to EUR 9.97 billion, representing a 14% increase. INDEXO also holds the highest average savings per client among investment plans, amounting to EUR 10,993. <\/p>\n\n\n\n

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INDEXO significantly increased its focus on growth in the third-pillar pension market, resulting in an increase in the number of clients by 5,857 during the year, from 16,539 to 22,396, or 35.4%. Assets under management in the third pillar grew from EUR 37.6 million to EUR 59.2 million over the year, an increase of EUR 21.6 million or 57.3%. <\/p>\n\n\n\n

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The growth in client numbers and assets under management drove an increase in commission income, which reached EUR 5.11 million, compared to EUR 4.44 million in 2024. In 2025, IPAS INDEXO also received dividends from DelfinGroup amounting to EUR 0.78 million. Profit from the pension management business before customer acquisition costs reached EUR 3.88 million, compared to EUR 3.03 million in 2024, while net profit for the reporting period amounted to EUR 2.18 million \u2013 a 169% increase compared to 2024. <\/p>\n\n\n\n

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INDEXO Bank continues to invest in technology, product development and customer acquisition<\/h2>\n\n\n\n
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\u201cINDEXO Bank commenced operations on 28 August 2024, and by the end of last year, during 16 months of operation, we had attracted nearly 50,000 customers, built a loan portfolio exceeding EUR 55 million, and attracted almost EUR 74 million in client deposits. Moreover, the bank\u2019s results in the second half of last year clearly demonstrate strong demand in Latvia for new and innovative lending services. It was during the second half of the year that we significantly increased both the loan portfolio and revenue. Of INDEXO Bank\u2019s total revenue of EUR 1.81 million in 2025, EUR 1.54 million was generated in the second half of the year alone. Despite the positive revenue growth dynamics, income has not yet fully covered the bank\u2019s growth and infrastructure maintenance costs. As a result, during the reporting period INDEXO Bank recorded a loss of EUR 9.25 million,\u201d says Valdis Siksnis, Chairman of the Management Board of AS INDEXO Bank and one of INDEXO\u2019s founders. <\/p>\n\n\n\n

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The largest investments related to the establishment of the bank have been in IT. In 2025, total investments in the bank\u2019s IT infrastructure amounted to EUR 2.65 million. Since the launch of INDEXO Bank\u2019s development, total investments in intangible assets for the bank\u2019s IT infrastructure have reached EUR 7.5 million. <\/p>\n\n\n\n

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During the past year, INDEXO Bank gradually introduced a number of significant new services and products. For example, in May 2025, INDEXO Bank began offering mortgage refinancing services and has already gained a significant market share (60\u201370%) in this segment, helping many Latvian families improve their mortgage terms. Throughout the year, the bank also actively enhanced its consumer lending products and deposit offerings. In February last year, INDEXO Bank became the first bank in Latvia to allow customers to view their second-pillar pension savings, contributions and returns directly in its mobile app, regardless of whether they are clients of INDEXO or any other Latvian pension fund manager. <\/p>\n\n\n\n

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To support the Bank\u2019s development, the Group\u2019s parent company IPAS INDEXO strengthened the bank\u2019s capital by EUR 10 million during the reporting period, while INDEXO Bank also attracted subordinated loans totaling EUR 1.8 million. <\/p>\n\n\n\n

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This year, the bank will continue implementing initiatives aimed at responsibly expanding its loan portfolio, including offering consumer loan refinancing services and broadening cooperation with new distribution partners. Deposit attraction will also be one of the bank\u2019s key priorities in 2026. To support this, from the beginning of 2026 the bank has started offering free everyday banking services to customers who use an INDEXO Bank account to receive regular income. Additionally, the bank plans to enable parents to open accounts for their underage children and to implement several other improvements to everyday banking services. <\/p>\n\n\n\n

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In January 2026, IPAS INDEXO successfully completed the mandatory offer for AS DelfinGroup shares, reaching a total ownership stake of 71.52% in the company. Given that AS DelfinGroup operates with stable and high profitability, as a result of the transaction the INDEXO Group becomes profitable from the first day of consolidation. INDEXO expects that the Group\u2019s profitable companies will help cover INDEXO Bank\u2019s development expenses in 2026 until the Bank itself reaches positive profitability. <\/p>\n","protected":false},"excerpt":{"rendered":"

The INDEXO financial services group concluded 2025 as a year of strong growth across all key areas of operation. IPAS INDEXO, the parent company of the INDEXO financial services group, generated a profit of EUR 2.18 million in its pension management business, continuing to grow both its client base and assets under management. Meanwhile, INDEXO Bank significantly […]<\/p>\n","protected":false},"author":16,"featured_media":41358,"comment_status":"open","ping_status":"closed","template":"","class_list":["post-49461","zinas","type-zinas","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/indexo.lv\/en\/wp-json\/wp\/v2\/zinas\/49461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indexo.lv\/en\/wp-json\/wp\/v2\/zinas"}],"about":[{"href":"https:\/\/indexo.lv\/en\/wp-json\/wp\/v2\/types\/zinas"}],"author":[{"embeddable":true,"href":"https:\/\/indexo.lv\/en\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/indexo.lv\/en\/wp-json\/wp\/v2\/comments?post=49461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indexo.lv\/en\/wp-json\/wp\/v2\/media\/41358"}],"wp:attachment":[{"href":"https:\/\/indexo.lv\/en\/wp-json\/wp\/v2\/media?parent=49461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}