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"Norvik banka" increases operating profit to LVL 10.4 million in 2012

RIGA, April 3  - "Norvik banka" earned LVL 10.4 million in operating profit in 2012, a 67 percent increase on 2011 and the bank's best result during the post-crisis period, LETA was informed by the bank's spokeswoman Valda Kipane.

Last year, "Norvik banka" continued to develop its business activities, considerably increasing the bank's operating earnings. "Norvik banka" achieved LVL 26.3 million in operating earnings in 2012, a 13.4 percent increase on 2011, when the bank's operating earnings amounted to LVL 23.1 million.

"Norvik banka" also accumulated substantial reserves and cleared out its problematic assets in the amount of LVL 43 million. The bank's profit before impairment exceeded last year's results by 67 percent. The bank's capital was increased by LVL 18.1 million in 2012 and additional LVL 1.4 million this year.

The bank's capital adequacy ratio was 8.34 percent at the end of 2012 and 8.6 percent at the end of the first quarter of 2013. The liquidity radio was consistently maintained at 45-50 percent, emphasized Kipane.

In 2012, "Norvik banka" continued to work on the development of the deposit base of its clients. As a result, the amount of subordinated deposits increased 9 percent and reached LVL 19.4 million. The total amount of deposits reached LVL 465 million.

This year, "Norvik banka" lays strategic emphasis on increasing the bank's deposit base and operating profit by facilitating commission business and reducing risks. The bank's operating earnings reached LVL 700,000 at the end of first quarter 2013, proving the effectiveness of the bank's strategy, pointed out Kipane.

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