Norvik Banka
JSC NORVIK BANKA audited financial results for the year 2008

Norvik Banka / 

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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]
(JSCNORVIK 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

News Source: NASDAQ OMX

31.03.2009  Financial News transmitted by DGAP
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Language:     English
Issuer:       Norvik Banka
              
               
              Latvia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LV0000800654
WKN:          
 
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