The report comprises financial results of DnB NORD Group consisting of AS DnB NORD Banka with its subsidiaries - leasing company SIA DnB NORD Līzings, asset management company IPAS DnB NORD Fondi, and SIA Skanstes 12 for the first six months of 2008.  

DnB NORD Group over the first six months of the year has continued stable and sustainable development in line with the existing macroeconomic situation bearing in mind its aim to attain the position of one of the top universal banks in Latvia. The profit of DnB NORD Group as of 30^th June 2008 amounted to LVL 9.6 million.

The assets of DnB NORD Group over H1 2008 grew by 2.24% as compared to the beginning of the year and amounted to LVL 2,105.2 million.

Deposits of DnB NORD Group over the first six months of 2008 grew by 13.6%, up to the mark of LVL 396.6 million. Taking into consideration the existing macroeconomic trends the lending policy of the bank was based on rather prudent risk principles and the Bank’s loan portfolio increased by 2.39% as compared to the beginning of year, and amounted to LVL 1,831.2 million.

Owing to its prudent risk policy the risk position of the bank has maintained its stability and should be regarded positively as compared to average ratios of Latvian banking sector.

The subsidiaries of DnB NORD Banka – leasing company DnB NORD Līzings and asset management company IPAS DnB NORD Fondi during the accounting period demonstrated successful development, providing services to a growing share of population in Latvia.

According to the bank’s strategy, during the first half of 2008 particular emphasis was put on development, launching and improvement of new investment, life insurance and savings products.

Within the framework of DnB NORD Group management optimization process on 31^st January all business activities of AS DnB NORD Banka in Estonia, i.e. the Bank’s branch AS DnB NORD Banka Eesti filiaal and subsidiary AS DnB NORD Liising Leasing Company were assigned to the Estonian branch of AS DnB NORD Banka holding company Bank DnB NORD A/S (Denmark) - Bank DnB NORD A/S Eesti filiaal.