OREANDA-NEWS. August 23, 2007. Audited financial results of AS "Aizkraukles banka" (AB.LV) for the first half-year of 2007 show that the Bank earned LVL 14,9 million over such period. The Bank’s profit increased by 11,7% against the first six months in 2006, reported the press-centre of AS "Aizkraukles banka".

Bank’s assets and loan portfolio increasing
Aizkraukles banka’s assets increased by 52,8% and reached LVL 899 million as of the end of June 2007. In its turn, the Bank’s loan portfolio was evaluated at LVL 590 million and its growth was 69,9% against the same period last year.

Top quality service offered
"We achieved considerable increase in our financial performance by improving the range of services offered to our customers and maintaining high level of service provided to both local and foreign customers. We will continue to strengthen our positions among the leading commercial banks of Latvia and to offer top quality services to our customers," says Ernests Bernis, co-owner and Chairman of the Bank’s Board.

Successful strategy and quality customer base in the mortgage lending market
Aizkraukles banka’s strategy in the Latvian mortgage lending market proved really successful. As at 30 June 2007, the Bank advanced mortgage loans to the amount of LVL 466 million, i.e. twice as much as a year ago. Taking into account strict lending rules implemented by the Government of Latvia for commercial banks under the anti-inflation plan, the Bank is glad to state that its growing portfolio of mortgage lending in such circumstances indicates high quality of the Bank’s customer base.

Our priority is corporate social responsibility
As well as earlier, the Bank will continue to act as an active and responsible supporter of social activities. The Bank has supported a number of important events since the beginning of 2007, for example: French Spring in Latvia, an exhibition of the collection of the Latvian Contemporary Art Museum in European Central Bank, etc.

AB.LV is a local bank
AS "Aizkraukles banka" is 100% owned by Latvian shareholders and carries on its activities both in Latvia and abroad, offering a wide range of financial services to its customers. The Bank’s majority shareholders are Olegs Fils — 46,45% shares, Ernests Bernis and Nika Berne — 46,45% shares.