Šiaulių bankas’ activity results of 2008


According to the pre-audited data Šiaulių bankas AB earned LTL 17.5 million in net profit in the course of 2008 (the bank’s net profit reached LTL 27.3 million in 2007).

Excluding the profit gained in 2007 through the onetime transaction, which the bank generated selling the shares of its subsidiary, the result of the financial activities of Šiaulių bankas in 2008 was by 7 per cent lower comparing to 2007. In 2008 the Group of Šiaulių bankas earned LTL 16 million in pre-audited net profit while in 2007 the Group’s net profit comprised LTL 26.5 million.

“In 2008 together with the beginning of the economic recession the bank had formed the bigger amount of special provisions and incurred the loss from the operations with securities, therefore the projected profit plan of LTL 19 - 20 million had not been achieved.. Though Šiaulių bankas had been affected by the tendencies unfavorable for the development the same as the entire sector of the country’s economy, however it managed to maintain the high efficiency of its performance”, - said the Chairman of the Board and Chief Executive Officer of Šiaulių bankas Algirdas Butkus.

The bank’s loan portfolio had increased by almost 9 per cent up to LTL 1.7 billion over 2008. The amount of deposits with the bank had also grown and reached LTL 1.3 billion as of December 31st 2008.

Over the same period of time the authorized capital of Šiaulių bankas had increased from LTL 161 million up to LTL 180 million. Moreover, late in the year the bank’s capital adequacy ratio had much exceeded the minimum threshold of 8 per cent established by the Bank of Lithuania and reached 15 per cent.

75.8 per cent of the authorized capital of Šiaulių bankas is owned by the enterprises and private entities of Lithuania. The biggest shareholder of the bank is the European Bank for Reconstruction and Development (EBRD).