OREANDA-NEWS. April 11, 2008. In line with growing business volume, AB DnB NORD Bankas, a member of international DnB NORD banking family, earned an un-audited net profit of LTL 37,6 million (EUR 10,9 million) in the first three months of the year, reported the press-centre of AB DnB NORD Bankas.

The financial result, calculated in accordance to International financial reporting standards, was 55,5 percent higher compared to the corresponding period of last year when the bank’s net profit was LTL 24,2 million.

According to the President and the Chairman of Management Board of AB DnB NORD Bankas Werner Schilli, growing business scale, increasing operating efficiency and flexible response to changing customer needs as well as good quality of the bank’s loan portfolio helped to offset the impact of slower expansion of Lithuania’s credit market seen in the first quarter of 2008.

“Our policy to build long-term relationship with our customers delivers good results. We are satisfied with the financial result in the first quarter of the year and see a continuous healthy demand for high quality banking and investment services. The successful start gives us ground to believe that 2008 will be another year of solid growth,” Werner Schilli said.

According to preliminary data AB DnB NORD Bankas assets rose by LTL 4,12 billion, or 52,6 percent, year on year, to LTL 11,94 billion as at the end of March, advancing by LTL 1,33 billion in the first quarter of 2008 alone.

AB DnB NORD Bankas’ loan portfolio had risen by 52,5 percent year on year to LTL 9,71 billion as at the end of the first quarter 2008. The growth resulted from increased lending both to individual customers by 59,7 percent to LTL 4,46 billion and corporate customers by 46,8 percent to LTL 5,25 billion, year-on-year.

Customer savings and investment at AB DnB NORD Bankas rose 31,6 percent year-on-year to LTL 5,21 billion as at the end of March.

Due to proper risk management policy the Bank met all prudential requirements of the Bank of Lithuania.

AB DnB NORD Bankas is a member of dynamic and reliable DnB NORD banking group registered in Denmark that was established by Norway’s largest bank DnB NOR and North Germany’s largest bank NORD/LB. DnB NORD banking group had focused the activities of both founders in the Baltic region by offering the whole range of modern and top quality financial services in Denmark, Finland, Estonia, Latvia, Lithuania, and Poland.