Nine-month operating results of Šiaulių bankas

2008-10-13

Focused on small and medium-sized business Šiaulių bankas has earned LTL 17,42 million in pre-audited net profit during a nine-month period this year.

Excluding a profitable one-time transaction selling the shares of the subsidiary, the net profit for the same period last year comprised LTL 15,78 million. During three quarters of 2008 the increase of the profit was determined by the growth of net interest income, which comprised LTL 30,8 million. In comparison with the results of three quarters in previous year this indicator has grown by 19 per cent. During the accounting period net commission and fee income has also grown up to LTL 7,1 million.

Comparing to nine-month results in 2007 Šiaulių bankas has increased its managed assets by 14 per cent and their value has grown from LTL 1,88 billion to LTL 2,15 billion during the year. During the same period the bank’s loan portfolio has increased by 15 per cent and reached LTL 1,65 billion at the end of September.

Since the relevant period last year the amount of clients’ deposits with Šiaulių bankas has increased by 22 per cent - the deposit portfolio has comprised LTL 1,41 billion at the end of September this year. Time deposits account for 78 per cent of the total deposits.

“The bank still remains loyal to its main goal to promote the development of small and medium-sized enterprises (SME) in the country. Small business is a dynamic source of the economy growth as flexible approaches of its activities allow easier adjustment to the changing economic situation and faster reaction to the market changes, therefore such a partnership with small and medium-sized business provides good opportunities to Šiaulių bankas to work successfully and constantly move forward”, - said Algirdas Butkus, the Chairman of the Board of Šiaulių bankas.

The shareholders’ equity of Šiaulių bankas reached LTL 283 million at the end of the third quarter this year and increased by LTL 16,62 million during the year. At the moment the authorized capital of Šiaulių bankas comprises LTL 180,36 million. The bank has announced that it is summoning the general shareholder’ meeting on November 11th this year, where an issue of the bank’s authorized capital increase is to be discussed. The major shareholder of Šiaulių bankas - the European Bank for Reconstruction and Development (EBRD) is planning to participate in the increase of Šiaulių bankas’ authorized capital and projecting to allocate up to EUR 10 million until 2010 for this purpose.