Parex Bankas forecasts falling profits; will focus on SMEs this year


Latvian-controlled Parex Bankas projects a LTL 4.9 million (Ђ1.4m) profit this year, a 19 per cent drop from LTL 6 million (Ђ1.4m) last year.

According to the bank’s shareholders, they doubled their net profit in 2003, compared to LTL 2.8 million in the previous year.

The strategic trend of the bank’s activities this year are loans for small- and medium-sized businesses (SMEs) and a larger focus on mortgage lending, said Janis Tukans, chairman of the Parex Bankas board.

Source: Verslo Zinios



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