OREANDA-NEWS. July 10, 2008. With the loan portfolio that topped LTL 10 billion benchmark AB DnB NORD Bankas earned an un-audited net profit of LTL 68,6 million over the first six months of 2008, the result calculated in accordance with the International Financial Reporting Standards, reported the press-centre of AB DnB NORD Bankas.

That represents a 33,6 percent or LTL 17,3 million rise compared with the same period a year ago when the bank’s un-audited net profit stood at LTL 51,4 million.

The bank’s profit before income tax increased to LTL 81,2 million over the first half year. This result is 32,6 percent higher compared to 2007 result when the Bank’s profit before income tax amounted to LTL 61,3 million.

According to the President and the Chairman of the Management Board of AB DnB NORD Bankas Werner Schilli, this financial result was achieved largely due to a balanced growth of the loan portfolio to individuals and businesses, active performance on the investment products market and focus on further improving operating efficiency.

“In the environment of slowing economic growth, the key competitive advantage becomes the ability to quickly and flexibly respond to customer needs offering financial products and solutions tailored to different market segments taking into account the changing situation,” – Werner Schilli said.

According to the preliminary data AB DnB NORD Bankas’ assets rose 46,6 percent or LTL 4,03 billion year-on-year up to LTL 12,66 billion as at the end of June 2008. That was mostly determined by a growth of the loan portfolio, which rose 18,0 percent since the year-start.

With prime attention paid to identifying customer needs, service quality and decision making speed, AB DnB NORD Bankas’ loan portfolio grew 47,9 percent year-on-year up to LTL 10,47 billion as at the end of June.

The bank’s loans to individuals rose 49,2 percent to LTL 4,82 billion as at the end of June compared with 2007 semi-annul result. In the particularly competitive market of loans to businesses the bank’s loan portfolio increased 46,8 percent over the 12 months and for the first time in the bank’s history topped LTL 5 billion benchmark. AB DnB NORD Bankas has extended loans totalling LTL 5,65 billion to finance the country’s business growth.

Compared with the same period a year ago, the savings and investments at AB DnB NORD Bankas rose 15,2 percent to LTL 5,2 billion as at the end of June 2008.

To ensure further balanced business growth in the second quarter this year AB DnB NORD Bankas placed a new share issue which, subject to completion of the procedures established by the legal acts, will allow the bank to additionally attract LTL 146,3 million in the form of cash contributions made by the shareholders. Due to proper risk management the Bank met all prudential requirements of the Bank of Lithuania.

AB DnB NORD Bankas is part of DnB NORD banking group that was established by the Norway’s largest bank DnB NOR and North Germany’s largest bank NORD/LB. DnB NORD Bankas runs three subsidiaries in Lithuania: asset management firm UAB DnB NORD Investiciju Valdymas, leasing arm UAB DnB NORD Lizingas and real estate brokerage UAB DnB NORD Bustas.