Trasta komercbanka
CORRECTION: Trasta Komercbanka’s unaudited performance results of 2010

Trasta komercbanka 

28.02.2011 17:31
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Amendments attached in appendix.

The year 2010 Trasta Komercbanka (TKB) spent under the sign of cooperation -
the bank successfully enlarged its customer base and strengthened its
cooperation with existing customers, focusing on product development, support
of distressed customers and business recovery measures. 

According to unaudited financial data, last year Trasta komercbanka made
provisions for bad loans in the amount of LVL 4.1 million, and the total amount
of provisions reached LVl 16.3 million. The bank ended 2010 with a loss of LVL
4.4 milion, however, due to the accumulated retained profit of previous years
in the amount of LVL 22.4 million, this result did not have material impact on
the bank's capital. Taking into account the recovery tendencies in the credit
market and customer support measures through restructuring of their loans by
the bank, it can be expected that the ratio of bad loans will decrease in the
next few years, which will positively affect the volume of savings and bank's
profit performance. 

Although the bank had to make provisions, it managed to maintain the capital
and reserves at an adequate level, which on 31 December 2010 was LVL 29
million. The bank maintained also a high capital adequacy level of 14.9% and
its liquidity as at the end of the reporting period was 59.8%, well above the
standard defined by the FCMC and fair enough to meet the existing bank's
obligations. At the end of 2010 the 12th share issue of the bank completed,
consequently 14,230 shares were paid up in the amount of LVL 712 thousand,
increasing TKB share capital to LVL 7.05 million. 

At the end of 2010 the amount of attracted deposits reached LVL 174.9 million.
The bank's deposit structure featured a significant growth of retail deposits -
by 61.9%, which were raised from both the existing customers and new business
of the bank. Last year, the number of customers increased by 11.8%, including
private persons - residents of Latvia by 24.6%. 

TKB Chairman of the Board G.Grieze: 'We highly appreciate our customers'
loyalty, which we consider as another proof of bank's solidity and development
potential in the domestic and international markets. Taking into account the
economic situation in the country, last year we put forward as our priority the
facilitation of activities of our existing customers and development of
financial products, which in the long run would ensure bank's further
development.' 

Planning customer business development and acquisition of new regions, in 2010,
TKB Group expanded its geographical presence in the world and opened a
representative office of the bank's subsidiary LLC TKB Līzings in Azerbaijan.
So far, TKB Group has already been represented in Kazakhstan, Tajikistan,
Belarus, Ukraine, Canada, Russia and Cyprus. 


Agita Musina
Expert of the Public Relations Division
t. 67027904, agita.musina@tkb.lv
News Source: NASDAQ OMX



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Language:     English
Company:      Trasta komercbanka
              
               
              Latvia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LV0000800415
WKN:          
 
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