In the third quarter, GE Money Bank continued to deploy a conservative risk
management strategy and focus on saving products.
In the first three quarters of 2009 Bank's profit before provisions and tax
continued to grow and at the end of September was 4,874 million lats which is
five times more than for the same period of 2008.
At the same time, Bank has made total provisions of LVL 16.7 million. The total
reserves reached over 14% of the credit portfolio. As a consequence, the Bank
closed nine-month period of 2009 with LVL 11.756 million unaudited net losses.
Despite a decrease in the total deposit market, the household deposit volume of
GE Money Bank increased by 7% 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 30th of September at over
19,3%, is more than two times higher than Financial and Capital Market
Commission's requirement of 8%. The liquidity ratio is 99,14%, 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
