JSC “NORVIK BANKA” audited financial results for the year 2008


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