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PRX: Parex banka has fulfilled its goals for 1Q2009

Spekuliantai.lt | 2009-04-24 | NASDAQ OMX biržų naujienos | perskaitė: 1474
PRX: Parex banka has fulfilled its goals for 1Q2009

Parex banka Company Announcement 24.04.2009

Parex banka has fulfilled its goals for 1Q2009

The 1Q2009 priorities of Parex banka were: restructurization of sydicated
loans, stabilization of customer base, closing of the agreement on the entering
of the European Bank for Reconstruction and Development into the shareholder
structure, as well as a achievement of substantial decrease in administrative
costs and the development of the new strategy, states the first quarter
operational results of the Bank.

As at 31 March 2009, the Bank's credit portfolio was 1.74 billion lats,
deposits accounted for 1.92 billion lats and total assets stood at 2.87
billion. The amount of capital and reserves at the end of March reached 70.4
million lats. As reported earlier, on March 24 the Cabinet of Ministers decided
to increase the capital of Parex banka by 227 million lats, investing 165
million in the share capital and issuing a subordinated loan of 62 million
lats. Recapitalization of the Bank is a subject to approval from the European

Parex banka asserts that with the tight economic situation in progress both in
Latvia and worldwide, the quality of assets is one of the most significant
issues on the agenda of banks. In the end of 2008, Parex banka performed a
detailed evaluation of assets and established substantial provisions for the
asset value decrease and started its work at cost optimization. As a result,
the monthly costs in 1Q2009 have decreased by the average of 2.4 million lats
and the Bank has established additional provisions in the amount of 7.9 million
lats for the asset value decrease.

In 1Q2009 Parex banka's proceeds before provisions, depreciation and taxes
totalled 3.1 million lats, though the Bank closed the first quarter with total
loss of 6.9 million lats. The Bank continues to closely monitor changes in the
quality of assets and is currently working on the development of effective
solutions to further decrease potential losses from the asset value decrease.
Besides in order to find the most effective solution for the non-performing
loan issue the Bank has established a new structural unit.

Moreover, Parex banka is actively working at the development of the strategy,
including the evaluation of priorities and definition of strategic objectives,
that will enable to restructure the business activities and provide further
development and growth.

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
Ph. +371 6777 8571 or +371 2913 9449
E-mail: pr@parex.lv

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2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos


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