Results of Nordea Bank Latvia Branch in the 3rd Quarter of year 2014

The amount of deposits attracted has increased by 21%; the highest number of new transactions reached this year; latest “GFK” research data show that bank customer satisfaction level increases.


Jānis Buks, Head of Nordea Bank in Latvia: “We systematically implemented the bank’s business strategy in Q3 inclusive. The bank’s operating income, namely its net interest income and commission income, continues to increase, growing by 0.2% in comparison to previous quarter and reaching 16.9 million euros. In addition, focused work on finding solutions to improve business efficiency has helped us to continuously reduce costs by 2%. Currently we are finalizing the revaluation of subsidiary company investments and provisions of separate transactions, a process that was started at the beginning of this year, thereby ending Q3 still with negative profit.

*Nordea Bank AB Latvia Branch does not have separate equity, as a result of which profit after tax is not directly comparable to the respective results of other commercial banks in Latvia.  


However, thanks to the further development of business relationship building with both household and corporate customers we continue to deliver stable business results. We have achieved the largest increase to date in terms of new deposits attracted, amounting to 1.56 million euros which is an increase of 21% compared to same period last year and an increase of 2% in comparison to the previous quarter.


We want to be the preferred choice for our customers and are continuously offering new and attractive financial products and services. Recently we have enlarged our network of cash pay-in ATMs and improved the Netbank. We are very pleased with the most recent “GFK” research data, which show that our customers value, above all others in the industry, both the deposit products offered by Nordea and its diverse range of products and services.


The Profit and Loss Statement is based on the management accounting data in line with the guidelines for publishing Nordea Group financial results. In Q2 2014, the principles of depicting Nordea Finance data as a consolidated result were changed, as a result of which the results for the previous periods were changed accordingly. Information about the terms used in management accounting is available on the Nordea Bank website: www.nordea.com.