AB Šiaulių Bankas’ unaudited net profit for the first quarter of 2004 is 1 million Litas

2004-04-14

AB Šiaulių Bankas’ unaudited net profit for the first quarter of 2004 is 1 million Litas

The main results of the Bank’s activities in the first quarter have surpassed the estimates.

The Bank has earned in net profits three times more than planned (the plan was LTL 0.307 million).
The Bank’s assets, having grown by 4.9% during the first quarter, exceeded LTL 600 million for the first time (the plan was LTL 593.4 million). Net value of loan portfolio during the three months increased by 9.4% (the plan was 8.1%, growth up to LTL 337.5 million). Deposits and Letters of Credit increased by 6.6% (planned LTL 424 million). Lithuanian government debt securities portfolio approached LTL 100 million (reached LTL 99.8 million).

“Good results of the first quarter confirm the direction chosen by the Bank and allow expecting successful execution of this year plans which foresee rapid growth”, Algirdas Butkus, the Chairman of the Bank Board, gave a positive evaluation of the results of the beginning of the year.

During 2004, the Bank is planning to earn LTL 6.5 million in net profits, one and half times more than in the previous year.

During the first quarter the Bank opened two new Client Service Centres in Druskininkai and Plungė and at present services its customers via 39 territorial divisions. Three more centres are on the way.