The net profit of Parex banka in 2006 amounts to LVL 48 million, which is a 59% year on year increase, according to the results audited by Ernst & Young and approved on 26 March, 2007, at the Bank's Annual General Shareholder Meeting. Valery Kargin, The President and Chairman of the Management Board of SC Parex banka has commented at the press conference after the Annual General Shareholder Meeting: „Since we first established the Parex brand in 1987, we are this year celebrating our 20th anniversary. We have grown together with Latvia, and I believe we have played a part ourselves in helping to develop its national economy and stimulate its growth. In the very beginning of our journey, every issued loan served as a very important breakthrough, as day by day, with our support, there appeared more new businesses, new houses and new manufacturing units. We made a substantial contribution to changing our society for the better and how many people had this opportunity in the early 90s? I am against any type of nostalgia, unless it provides practical benefits. However there are traditions, which we adhere to: in each of the 20 years of our work, Parex banka has been profitable. We always knew that if we took care of our customers, shareholders and staff, it would also benefit the country as a whole. Since the end of the 80s our objective has been for Riga to be the established financial capital of the Baltic region.” In 2006 Parex banka's assets grew by 34 % and amounted to LVL 2.35 billion. The volume of attracted deposits has increased by 17 % and reached LVL 1.46 billion, while the loan portfolio of the Bank has been increased by 62 %, amounting to LVL 1.32 billion. About the Bank: With EUR 3.4 billion in assets, Parex banka is one of the leading banks in the Baltic States, offering integrated client services, including lending, payment card services, leasing, asset management and securities brokerage. The Bank is represented in 15 countries through its wide network of representative offices, branches and subsidiaries, including a subsidiary in Switzerland, AP Anlage und Privatbank AG. Parex banka is rated Baa3 by Moody's Investors Service, BB+ by Fitch Ratings and BBB by Capital Intelligence. Additional information: International Communications Department Phone: +371 777 8572 E-mail: jk@parex.lv