17.07.2014

Results of Nordea Bank Latvia Branch in the 2nd Quarter of year 2014

Nordea Bank continued to strengthen its strategy of relations; the volume of deposits increased rapidly; Nordea was recognised as the best bank in the Baltic Region and in Nordic Countries*

The head of Nordea Bank in Latvia, Jānis Buks: “The financial results of the second quarter can be described as stable although we concluded the second quarter with a negative profit result; the total income of the bank has reached 13.8 million Euros. Net interest income continued to grow and reached 13.7 million Euros; apart from that, the volume of investments continued to increase in comparison with the second quarter of year 2013: it increased by 23% and reached 1.5 billion Euros. In comparison with the first quarter of the year, we have increased total income of the enterprise by 9% in the second quarter. We also continued to build relations as well as to strengthen successful and mutually beneficial model of cooperation with our target customers.

Consolidated key financial results for the 2nd quarter of year 2014:

We are proud that our efforts to work at strengthening the relations with our target customers as well as to establish professional and mutually beneficial business relations with our customers have been appraised. *In June, the prestigious international financial magazine “Euromoney” recognised Nordea trade financing as the best in the Baltic States and in the Nordic Countries; Nordea was also recognised as the best bank and the best bank of investment in the Nordic Countries and Baltic Region on the basis of such criteria as the development of the products and services of the enterprise, the ability of the bank to adapt to the requirements of the regulator of the financial sector as well as the financial results and relations with clients of the bank”, stated Jānis Buks.

* Managing accounting data were used for Profit and Loss Calculation in line with the guidelines for publishing financial results of the Nordea Group. In the second quarter of year 2014, the principles of depicting Nordea Finance data in consolidated result were changed; due to this reason, the results of the previous periods were changed accordingly.

** Information about terms used in managing accounting is published in Nordea Bank webpage www.nordea.com