DnB NORD Banka
DnB NORD Banka H1 2009 financial results

DnB NORD Banka / 

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In the 2nd quarter of 2009 DnB NORD Banka continued its development, paying
close attention to the challenging macro economic situation facing Latvia, and
focusing on increasing operational income and promoting overall efficiency of
the bank, as well as working closely with customers to ensure the quality of
the current loan portfolio. 

In the first half of 2009 the unaudited profit before provisions and taxes
reached LVL 17.3 million. Teika Lapsa, Head of PR department of DnB NORD Banka,
explains, “Though the banking sector is making provisions now thus suffering
from losses, operational income reflects the efficiency of the bank, therefore
I am pleased that the operational income of DnB NORD Banka is 15% higher than
in the respective period of 2008”. 

The deposit portfolio of DnB NORD Banka grew by 3.5% in comparison with the
beginning of the year, reaching LVL 444 million. 
Given the challenging economic situation of Latvia, the bank continued to
maintain a strict risk policy to ensure long-term stability. The net amount of
provisions in the end of June was LVL 77.2 million. The loss for the first six
months of the year amounted to LVL 51 million after provisions. 
End of April 2009 DnB NORD Banka received a loan by DnB NORD A/S in the amount
of EUR 20 million in order to strengthen its capital base as well as promote
stabile development of the bank. In the end of June DnB NORD Banka started its
share emission thus planning to increase its share capital by 35.2 million LVL.
Therefore, the capital base of the bank is increasing by almost LVL 50 million
during the respective period. 
The number of customers - both private persons and legal entities - continued
to increase during the first half year of 2009; the number of legal entities
grew by more than 400 companies and the number of private persons by more than
4200 customers.

News Source: NASDAQ OMX

21.07.2009  Financial News transmitted by DGAP
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Language:     English
Issuer:       DnB NORD Banka
              
               
              Latvia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LV0000101046
WKN:          
 
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