On the March 26, 2009, in JSC “NORVIK BANKA” shareholders’ meeting, financial results of the Banka’s and its subsidiaries (NORVIK Group) for the year 2008 was confirmed.

Despite the global crisis and deepening difficulties in the entire banking business, JSC “NORVIK BANKA” continued to maintain strong position in the market and demonstrated its business resilience to operating environment deterioration. This is witnessed by the financial results, which are approved by the auditors of the company Deloitte & Touche.

Group assets were LVL 505.7 million [719.55 million EUR] at end 2008 (JSC “NORVIK BANKA” assets reached LVL 502.2 million [714.57 million EUR]), consolidated annual profit reached LVL 2.6 million [3.70 million EUR] (JSC”NORVIK BANKA” annual profit was LVL 1.02 million [1.46 million EUR]) that could be regarded as a success given extraordinary tough market. According to the decision of JSC “NORVIK BANKA” shareholders, the profit will be diverted to the development of the Bank.

Importantly to mention further strengthening of the capital base that was bolstered by full capitalization of current year profit and resulted in high capital adequacy ratio of 14.41%.

The full audited annual report for the year 2008, as well as the Report of the Council and the Management Board, can be found on the web site of JSC “NORVIK BANKA” www.norvik.lv.

Financial Institutions
JSC “NORVIK BANKA”
Tel +371 67011467, 67041178
Fax +371 67041196
E-mail: marija.gulajeva@norvik.lv