NORD LB Latvija                                                 02.05.2005. 



Operational results of AS “NORD/LB Latvija” after QI 2005 evidence successful 

start of the year



Operational results of NORD/LB Latvija bank after QI 2005 show that in spite of 

the tough competition in Latvian banking sector the Bank carries on successful 

development of its positions in this business sector. 



We have to say that the first quarter has been remarkably good for the bank. During 

the first three month of the year the Bank's assets have grown by 16 per cent up to 

LVL 447 million (average increase in Latvian banking sector amounted to 7.5 per cent). 

Due to capitalization of one portion of the Bank's profit for 2004 by LVL 2 million 

has been increased NORD/LB Latvija equity. Volume of attracted deposits has grown by 

16 per cent (in banking sector in average – by 5.8 per cent) up to LVL 153.5 million, 

and the Bank's loan portfolio has increased by 19.9 per cent (in banking sector in 

average – by 11.4 per cent) up to LVL 368 million. The Bank's profit in QI  2005 

amounted to LVL 2.4 million



NORD/LB Latvija President Mr. Andris Ozoliņš explains: “We are particularly satisfied 

with the fact that in the situation of such a tough competition we have been able to 

ensure both growing dynamics of the Bank's development speed and increase the quality 

of customer service. Good results after the first three months of the year has achieved 

also the Bank's subsidiary SIA NORD/LB Līzings, and we should acknowledge the fact 

that it gradually extends its role also on Latvian factoring market. Our recently 

established subsidiary NORD/LB Fondi Investment Company also has started to actively 

operate, and number of customers who have committed management of their pension capital 

to the company has considerably grown.”



NORD/LB Latvija expects further drastic growth both expanding the Bank's operational 

volumes and extending its branch network. This year will be opened new branches in Riga 

(the first one in Jugla) as well as in Jelgava, Tukums and Jūrmala. 



Additional information:

Teika Lapsa

NORD/LB Latvija PR Manager

Telephone.7015395, 9161561

teika.lapsa@nordlb.lv