Highlights of the Bank’s Performance in 2009: stability and development

News - April 1, 2010

The results of the Bank’s performance in 2009 were summarised at the shareholders’ meeting held on the 31March 2010. The bank’s profit totalled 57 074 lats after paying taxes and creating provisions.

The bank has posted operating income of 7.1 million, representing a 16 percent increase over the same period in 2008. In light of the decline in economy and return of assets, the bank’s successful operation on the foreign exchange market and efficient management of securities and loan portfolios should be particularly mentioned.

Bank’s purposeful commitment to preserving customer wealth resulted in the increase of customer funds. The amount of deposits and the concluded trust agreements totalled 226.3 million lats, a 9.3 percent increase over 2008-end. Deposits increased 9.4 percent to end the reporting year at 165.5 million lats. We are also pleased to report an enhanced maturity structure of the deposits: term deposits of 6 months to 1 year grew almost four times.

Total assets grew by 11.2 percent and at the end of 2009 amounted to 186.1 million lats.

We have improved already existing banking products and services and have introduced new products specifically tailored to the needs of our customers in our effort to ensure their maximum comfort in financial matters and life. The spectrum of our products and services has widened to include multicurrency deposits, gold investment program, exclusive payment cards and concierge service.  We have offered versatile opportunities for transacting in financial instruments, documentary operations and trade finance.

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