Profitable quarter of Šiaulių bankas


Within the first quarter of 2011 Šiaulių bankas earned LTL 3.1 million of unaudited net profit, while Šiaulių bankas’ Group earned LTL 3.3 million of unaudited net profit, whereas during the first quarter of  2010 the Bank incurred unaudited loss of LTL 6.9 million, while the Bank’s Group - LTL 8.1  million.

A profit of the main activity of Šiaulių bankas grew by more than 4 times during January-March and totaled LTL 3.4 million. Net interest income grew by nearly twice: it was received almost LTL 9 million of them. This was achieved not only due to the growing loan portfolio, but also due to the increasing interest margin. Net service and commission income grew by 7 per cent. With the improvement of economic climate, Šiaulių bankas did not incur losses during the first three months of this year due to the quality of loan portfolio. Recovery of recoverable loans and improving risk profile of Bank’s clients fully compensated new expenses on provisions.

“We are glad that the results for the first quarter show increasing income recovery. We consider that growing in number of clients as well as their activity and the volume of lending will ensure these tendencies in the future”,  says Audrius Žiugžda, the Chief Executive Officer of Šiaulių bankas.

Assets of Šiaulių bankas increased by 17 per cent within a year and comprised LTL 2.5 billion. Assets of the Bank’s Group grew to almost the same extent - LTL 368 million. Within a year loan portfolio in the Bank increased by 9 per cent up to LTL 1.7 billion. It should be noted that almost half of this increase was achieved during the first quarter of 2011. The Bank foresees to continue active work in the future by expanding crediting activity.

Newly attracted financial resources ensure stable expansion of the Bank. The amount of credit lines provided by other foreign banks and financial institutions increased by 70 per cent within a year; deposits of clients grew by LTL 180 million within a year and amounted to LTL 1.8 billion. Deposits, like the loans, were the fastest growing during the first quarter of this year.

Within the first quarter of this year Šiaulių bankas opened one more outlet in Klaipėda. Currently the network of the Bank consists of 52 territorial outlets operating in 31 Lithuanian towns and cities.