Norvik Banka Retains Its Positions in the Market and Increases the Volume of Business

12/12/2014 15:38

Confidence of clients to Norvik Banka continues to grow, which is testified by 20% growth of clients’ deposits. Over the 12-month period, the deposits of the Bank’s clients have grown from 672 million Euros to 807 millions Euros (deposits and subordinated liabilities) by the end of November 2014.

In turn, the amount of the bank’s assets has grown by 30% or 215 million Euros over the year, reaching 936 million Euros by November 30, 2014.

„The deposit influx and asset growth signifies that the Bank has successfully accomplished the first stage envisaged in its development strategy, which included changes in the structure of the Bank, confirmation of the plan on changing the image and active work on keeping the existing clients and attracting new ones. I am happy about the results of the first year!

This year, we have established stable ground for further growth, which Norvik Banka consistently relates to introduction of innovative technologies into financial services and emission of new products on the market. Next year, our activity in Latvia and foreign markets will grow, which gives reasons to look forward to crossing such a significant milestone as one-billion amount of assets of the Bank in the near future,” Oliver Bramwell, the Board Chairman of Norvik Banka, comments on the results over the 11 months.

Growth of the credit portfolio of the Bank over 11 months by 8.6% is part of the business plan for this year, developed and approved by the new board where one of the main priorities is financing business development based on transparent relations between the bank and the borrower.

The equity sufficiency rate of Norvik Banka was 17.85% by the end of September, but the liquidity – 55%.

The amount of taxes paid by Norvik Banka exceeds 5.5 million Euros in 2014.

JSC Norvik Banka was established in 1992 and is one of the oldest banks of Latvia.

In 2014 the Bank presented a new corporative style and a set of new products and became a long-term sponsor of the best biathlete of Latvia Andrejs Rastorgujevs.

Norvik Banka retains the position of the 8th bank in Latvia in term of the asset volume and the amount of the attracted deposits, according to the data of the Association of Commercial Banks.

Norvik Banka is the largest bank in Latvia in terms of the number of client service locations (75 client service locations in 16 cities).

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