OREANDA-NEWS. On May 25, 2009 the Supervisory Council of Parex banka has approved the Bank's audited financial results for 2008, reported the press-centre of Parex banka.

In 2008, Parex Group experienced an overall slowdown in growth as compared to prior years. The Group's assets have grown 3.9% as compared to 35.8% in 2007. Loans have increased 6.5% on a gross basis reaching 2.15 billions lats. The amount of the Group's deposits represented 2.02 billion lats.

The financial result for the year was substantially impacted by provisions established to reflect the deterioration in asset quality. The loan portfolio was deeply affected by the rapidly worsening Latvian economic situation and stagnation in the Latvian real estate sector. As a result of a prudent assessment of its portfolio in the light of current trends and given the adverse situation in the financial markets, the Management established net provisions amounting to 160 million lats. As a result, the net loss for the Group for the year ended 2008 comprised 131 million lats.