Norvik Banka reported an audited loss of €10.395m in 2015, but it marked a significant improvement over 2014’s results. The Latvian bank’s profit for 2015 was €18.6m, also an improvement from the €8.702m profit it reported in 2014. In an effort to strengthen its basic capital, Norvik invested €38.1m in subordinated deposits and launched a €28.4m subordinated bond issue last year. In September, Devon Archer invested €8m through Archer Diversified Investments, acquiring a 6.1-percent stake in Latvia’s eighth largest bank by assets. Norvik’s asset portfolio was valued at €1bn at the end of 2015, up by 3 percent or €29.4m. The bank posted an audited loss of €43.82m in 2014, up 67 percent from the previous year.
