Preliminary result for the first quarter of 2009


According to preliminary data AB DnB NORD Bankas, company code 112029270, VAT
payer code LT120292716, registered office at J. Basanavičiaus St. 26, Vilnius,
the data is collected and stored at the Register of Legal Entities, earned a
pre-tax operating profit before provisions of LTL 57.7 million (EUR 16.7
million) in the first three months of 2009. Taking into consideration negative
impact of sharp economic downturn in the past six months, the bank continued to
pursue a very conservative customer risk valuation approach and made LTL 106
million (EUR 30.7 million) in provisions in the first quarter of 2009. As a
result AB DnB NORD Bankas recorded a LTL 48.3 million (EUR 14 million) loss in
the first three months of 2009.
 
AB DnB NORD Bankas pre-tax operating profit before provisions was LTL 46.9
million  (EUR 13.6 million) in the first quarter of 2008 and its net profit was
LTL 37.6 million (EUR 10.9 million) in that period.
 
AB DnB NORD Bankas 2009 first quarter net income rose 9.3 percent year-on-year
to 104.4 million (EUR 30.2 million), operating expenses fell 6.2 percent
year-on-year to LTL 42.6 million (EUR 12.3 million). Due to constant focus to
increase operating efficiency the  bank‘s cost income ratio improved further to
39.4 percent in the first quarter of 2009 compared to 47.4  percent in the
same period a year ago. In the first quarter of 2009 the bulk of provisions
were made on loans granted to small and medium size companies operating in real
estate, construction and transport sectors. Due to prudent risk management the
bank met all the prudential requirements of Bank of Lithuania. 

Andrius Vilkancas 
Press Officer 
tel. +370 5 239 3413