During 2007 Šiaulių bankas has doubled its profits

2008-01-24

According to the pre-audited data Šiaulių bankas has earned LTL 27,248 million in net profit in 2007, i.e. twice as much as in 2006 when the bank’s audited net profit reached LTL 13,651 million, and this is considered to be the biggest net profit achieved during the whole bank’s operation history ever. Planning its financial indicators for 2007 the bank had projected to generate LTL 26 million in net profits.

Moreover, in 2007 the bank’s assets also increased significantly and reached LTL 2,013 billion, i.e. a 49 per cent increase was indicated during the last year. The growth of assets was mainly influenced by a 55 per cent annual increase in loan portfolio, which comprised LTL 1.392 billion as of December 31st 2007. At the end of the last year the amount of the clients’ deposits with the bank exceeded a billion and in comparison with 2006 had grown by 31 per cent - up to LTL1,206 billion. The provided results of Šiaulių bankas are not currently audited.

Šiaulių bankas is one of the banks in the country with the biggest share of Lithuanian capital. The bank’s authorized capital has grown from LTL 109 million to LTL 161 million in the course of 2007. Several years ago the European Bank for Reconstruction and Development (EBRD) became the major shareholder of Šiaulių bankas and at the moment it owns 16.06 per cent of the bank’s shares.

The bank works consecutively satisfying the clients’ needs, fostering the development of small and medium-sized business in the country, providing favourable conditions to implement the regional projects and rendering all banking services to private customers and corporate representatives. Currently, the bank is rapidly expanding the ATM network, developing e-banking services, expediting the expansion of its outlets - at present the bank renders its services in 53 regional divisions in 30 towns of Lithuania.

Since 2006 Šiaulių bankas’ shares are listed on the Main List of Vilnius Stock Exchange. The Securities Commission has enrolled the bank’s shares into the quadruplet of the most liquid Lithuanian shares.