In the 4th quarter, GE Money Bank continued to deploy a conservative risk
management strategy and focus on saving products.
At the end of December 2009 Bank's profit before provisions and tax was 4,130
million lats which is approximately two times more than for the same period of
2008.
At the same time, Bank during 2009 has made total provisions of LVL 23.367
million. The total reserves reached over 18% of the credit portfolio. As a
consequence, the Bank closed twelve month period of 2009 with LVL 19.237
million unaudited net losses.
Despite a decrease in the total deposit market, the Latvian resident deposit
volume of GE Money Bank increased by 25% from the beginning of 2009 and the
bank increased it's market share of the deposit market.
GE Money Bank is well prepared to manage through the current economic
environment. The Bank's capital adequacy indicator on December 31, 2009 at
16,71% is approximately two times higher than Financial and Capital Market
Commission's requirement of 8%. The liquidity ratio is 97,37%, which is more
than three times higher than the FCMC requirement of 30%.
Tija Ezeriņa
Press secretary
GE Money Bank
Ph: +371 67 024 704
Mob. ph.: +371 27876080
3, 13.Janvara street, Riga, LV-1050
