CORRECTION: 1. audited and consolidated financials for 2008 in LVL attached;
2. condensed financial statements in EUR currency attached
On 25 May 2009, the Supervisory Council of Parex banka has approved the Bank's
audited financial results for 2008.
In 2008, Parex Group experienced an overall slowdown in growth as compared to
prior years. The Group's assets have grown 3.9% as compared to 35.8% in 2007.
Loans have increased 6.5% on a gross basis reaching 2.15 billions lats. The
amount of the Group's deposits represented 2.02 billion lats.
The financial result for the year was substantially impacted by provisions
established to reflect the deterioration in asset quality. The loan portfolio
was deeply affected by the rapidly worsening Latvian economic situation and
stagnation in the Latvian real estate sector. As a result of a prudent
assessment of its portfolio in the light of current trends and given the
adverse situation in the financial markets, the Management established net
provisions amounting to 160 million lats. As a result, the net loss for the
Group for the year ended 2008 comprised 131 million lats.
About Parex banka:
Founded in 1992, Parex banka offers universal banking services throughout the
Baltic region, the CIS and other European nations such as Germany, Switzerland
and Sweden. Parex Group companies operate across the banking, finance, leasing,
asset management and life insurance sectors. Parex banka is the only partner of
American Express in Latvia and Lithuania, allowed to issue American Express
credit cards. Since 27 February 2008, the Latvian Privatisation Agency is the
majority shareholder of Parex banka.
Additional information:
Indra Zinkevica
Head of Corporate Communications and PR
Parex banka
Ph. +371 6777 8571 or +371 2913 9449
E-mail: pr@parex.lv
http://www.parexgroup.com/en/
