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PRX: Parex banka wraps up the results of 1H2009

Spekuliantai.lt | 2009-07-20 | NASDAQ OMX biržų naujienos | perskaitė: 1165
PRX: Parex banka wraps up the results of 1H2009

Parex banka Company Announcement 20.07.2009

Parex banka wraps up the results of 1H2009

According to Parex banka's unaudited financial results as at 30 June 2009, the
loan portfolio of the Bank was 1.63 billion lats, deposits - 1.64 billion lats,
total assets - 2.70 billion lats, but the amount of capital and reserves in the
end of June 2009 reached 183.6 million lats..

During this period of time the Bank has successfully completed the
restructurization of syndicated loans, stabilized its customer base, as well as
concluded the agreement on the entering of the European Bank for Reconstruction
and Development into the shareholder structure of the Bank. Furthermore, the
bank has also substantially decreased the administrative costs, cutting the
expenses by the total of 12 million lats. The cost reduction is expected to
reach 30 million lats by the end of the year. Moreover, moving the Bank's
Headquarter in Riga from current 11 buildings to one office building on
Republika square will save Parex Group additional 2.7 million lats.. In 1H2009
Parex banka increased its capital base to reach the liquidity and capital
adequacy levels set by the regulator. Similarly, over the period of last six
months Parex banka has attracted more than seven thousand new customers,
especially in the sectors of retail and small and medium size enterprises.

Having made a detailed evaluation of assets and establishing substantial
provisions for the asset value decrease, Parex banka concluded the first
half-year 2009 with the total net losses of 44.5 million lats, including the
established provisions in the amount of 46.6 million lats. Besides, Parex
banka's interest payment to the State Treasury for this period of time
comprises 20.5 million lats.

Parex banka continues to closely monitor changes in the quality of assets to
further minimize potential losses from the asset value decrease. Besides, in
order to find the most effective solution for the issue of non-performing
loans, the Bank has established a new structural unit that is working with
clients and looking for mutually most advantageous solutions in the current
economic situation.

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. Currently, the Latvian Privatisation Agency is the majority
shareholder of Parex banka, holding 95,3% of the Bank's shares.

Additional information:
Irena Mizisa
Head of IR
Phone: 6777 8565
E-mail: [email protected]

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