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's activity report 2022

Holm Bank AS is a private capital-based credit institution operating in Estonia and Latvia. In 2022, Holm continued to pursue its business objectives through two legal entities - Holm Bank AS (hereinafter: the Bank) and Holm Bank Latvia SIA (hereinafter: the Subsidiary). Together, these business units formed the Holm Bank AS consolidation group (hereinafter: the Group). The Group was joined by several new key competence individuals and we made significant future-oriented investments in IT solutions.

In 2022, the Group brought to its customers home loans, mortgage loans, leasing, virtual cards, and mobile apps as the main new external capabilities. In addition, the improvements significantly strengthened internal processes, including financial and risk management processes.

2022 was characterized by significant changes in the external environment. The barely subsided health crisis was replaced by worrying geopolitical developments in the nearby region, drastically accelerated inflation, and tightened monetary policy by central banks, which led to a rapid rise in interest rates. People's and companies' confidence in the future decreased significantly and the economy turned into a recession.

However, 2022 was successful for the Group in many ways. The Group significantly expanded its operations in both the Estonian and Latvian markets and the loan portfolio reached the highest level in its operating history. Despite the listed negative external environment developments, the Group was able to significantly improve the credit quality of the portfolio.

At the end of 2022, a new multi-year strategy and financial plan were developed, setting out the Group's main objectives for the coming years, taking into account, among other things, the changed external environment. The strategy focuses on increasing profitable business volumes in the Estonian and Latvian markets.

The Group ended the year with a very strong capital and liquidity position, exceeding all internal and regulatory requirements by a large margin.