TKB summarises the results of 2010

28.03.2011

 

On 25 March 2011, TKB held the shareholder general meeting at which the Bank approved its performance results of 2010 and set the aim for its further development.

At the meeting TKB shareholders approved the financial statements of 2010 and reports of auditors, Council, Board and Inspection Committee of the bank. 

In 2010, Trasta komercbanka successfully enlarged its customer base and strengthened its cooperation with existing customers, focusing on product development, restructuring of customers’ loans and business recovery measures. According to the audited consolidated financial data of 2010, last year Trasta komercbanka made provisions for doubtful loans in the amount of LVL 5.2 million, and the total amount of provisions by the end of the reporting period reached LVl 16.3 million. Thus, the bank ended the year 2010 with a loss of LVL 4.4 milion, however, due to the accumulated retained profit of previous years in the amount of LVL 22.4 million, this result does not have material impact on the bank’s capital. 

Despite the provisions made by TKB, it  managed to maintain the capital and reserves at an adequate level, which on 31 December 2010 was LVL 29 million. The bank maintained also a high capital adequacy level of 14.4% and its liquidity as at the end of the reporting period was 59.8%, whish is well above the standard defined by the FCMC and fair enough to meet the existing bank’s obligations. At the end of 2010 the bank completed its 12th share issue, consequently 14,230 shares were paid up in the amount of LVL 712 thousand, increasing the share capital of TKB to LVL 7.05 million.

At the end of 2010 the amount of attracted deposits of TKB reached LVL 174.9 million. The bank's deposit structure featured a significant growth of retail deposits - by 61.9%, which were raised from both the existing customers and new business of the bank. Last year, the number of customers increased by 11.8%, including private persons - residents of Latvia by 24.6%. 

Thinking about the development of customer business and acquisition of new regions, in 2010, TKB Group expanded its geographical presence in the world and opened a representative office of the bank's subsidiary LLC TKB LÄ«zings in Azerbaijan. So far, TKB Group has already been represented in Kazakhstan, Tajikistan, Belarus, Ukraine, Canada, Russia and Cyprus.

In order to facilitate the bank's stability and future development, TKB shareholder meeting adopted the decision to increase the bank's share capital by LVL 10 million launching the thirteenth share issue.

Shareholders of the Bank elected the audit firm “Ernst & Young Baltic” for auditing of Trasta komercbanka’s financial statements of 2011. 


Agita Musina
PR Specialist

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