Almost LTL 40 million – such an impressive net profit of Šiaulių bankas Group during not full year


According to the pre-audited data, during the nine months of 2006 all the enterprises of AB Šiaulių bankas Group earned a net profit of LTL 39.952 million

The share of the Group’s net profit falling to Šiaulių bankas is LTL 20,570 million and in comparison with the same period last year this share increased by 3,3 times. The growth of profit was mostly influenced by the contribution of the subsidiary, which comprised more than LTL 11 million after the realization of several real estate projects.

“The constantly growing indicators are only the proof that Šiaulių bankas is integrating into people’s life very naturally, organically and more and more every day. It is obvious that all the indicators projected for this year are going to be exceeded. In order to meet needs of our numerous clients we have to keep on working long-sightedly and effectively, of course”, - says Algirdas Butkus, Chairman of the Board of Šiaulių bankas AB.

During the three quarters of this year Šiaulių bankas AB earned LTL 11,623 million of pre-audited net profit. In comparison with the same period last year the Bank’s net profit has increased by 65 per cent while the projected net profit ratio is exceeded by 6,6 per cent (during the three quarters of this year Šiaulių bankas AB planned to earn LTL 10,901 million in net profit). The Bank’s loan portfolio has increased by 29 per cent in fair value. The bank’s deposits and letters of credit have increased by 33 per cent.

During 2006 Šiaulių bankas AB planned to earn LTL 12 million in net profit, i.e. by time and a half more than last year.

Within the recent five years Šiaulių bankas AB assets have increased by 6,4 times and at the moment reaches LTL 1302,9 million, the Bank’s authorized capital comprises LTL 94 million.