OREANDA-NEWS. April 06, 2009. In the Bank’s shareholders’ meeting, financial results of NORVIK BANKA and its subsidiaries (NORVIK Group) for the year 2008 was confirmed, reported the press-centre of NORVIK BANKA.

Despite the global crisis and deepening difficulties in the entire banking business, JSC “NORVIK BANKA” continued to maintain strong position in the market and demonstrated its business resilience to operating environment deterioration. This is witnessed by the financial results, which are approved by the auditors of the company Deloitte Audits Latvia.

Group assets were LVL 506 million at end 2008 (NORVIK BANKA’s assets reached LVL 502.2 million), consolidated annual profit reached LVL 2.6 million (the Bank’s annual profit was LVL 1.02 million) that could be regarded as a success given extraordinary tough market. According to the decision of Bank’s shareholders, the profit will be diverted to the development of the Bank.

Importantly to mention further strengthening of the capital base that was bolstered by full capitalization of current year profit and resulted in high capital adequacy ratio of 14.41%.