15.03.2005, Akciju komercbanka Baltikums, RIG

Akciju komercbanka “Baltikums”                            15.03.2005.



BAB: Results of Komercbanka Baltikums and its subsidiaries in 2004



In 2004 Komercbanka Baltikums and its subsidiaries earned a pre-tax profit of 

LVL 477 thousand (EUR 678 thousand). Komercbanka Baltikums’s audited net profit 

amounted to LVL 436 thousand at the end of 2004 and that is by 42% better result 

compared to 2003. 



In comparison to the previous year, Komercbanka Baltikums has also improved the 

return on equity, achieved an increase in customers’ deposits, as well as significantly 

expanded its customer base.



The equity of the bank amounted to LVL 5.601 million (up by 2,5% or LVL 136 thousand LVL) 

by the end of December 2004. Deposits attracted amounted to LVL 18.156 million by the end 

of December 2004. The bank has increased its deposits in 1.5 times within the past year 

(up by 48% or LVL 5.865 million). 



Assets of Komercbanka Baltikums augmented from LVL 30.576 million in the beginning of 2004 

to LVL 38.198 million (up by 25% or LVL 7.622 million) at the end of 2004. The loan 

portfolio of the bank has reached LVL 10.220 million for the same period.



Aldis Reims, Chairman of the Board: “The year 2004 for the Bank was the year when, 

after the successful launching of operations and achievement of the first goals set 

forth, major steps in further development of the Bank in its chosen strategic direction 

were taken. The Bank more precisely defined and upgraded its operating strategy, by 

clearly underlining its focus on trade and shipping finance, as well as active 

involvement in financial market operations and management of customer funds.



The Bank also paid much attention to ensuring the stability of its operations by 

further developing the process of risk management and maintaining a conservative 

approach to business  which are  the cornerstone of our operations.



The most important goal of the Bank for 2005 is the strengthening of its market 

position in the chosen areas of trade and shipping finance. In order to better 

satisfy customer needs in trade and ship financing, we have started co-operation 

with a number of Latvian banks in syndicated loans and this area of operations 

will be developed further.



We will also continue the successfully started program of attracting long-term 

funding. Over the next 3 to 5 years, the Bank plans to use public issue of debt 

securities, long-term inter-bank loans and its own capital as the main sources 

of funding. In 2005 the Bank will expand investment services and services of 

management of customer funds as well as will further develop the area of private 

servicing of customers.”

	

Chairman of the Board          						                

A.Reims



Komercbanka Baltikums audited annual report for year 2004 published on Riga 

Stock Exchange web page: <a href='http://www.omxgroup.com/riga' target='_blank'>http://www.omxgroup.com/riga</a>

(trading information / Baltic Bond list /  BABBFLOT06  / reports).



Link : <a href='http://market.rfb.lv/upload/reports/bab/2004_ar_en_lvl.pdf' target='_blank'>http://market.rfb.lv/upload/reports/bab/2004_ar_en_lvl.pdf</a>