Siauliu bankas’ shareholders decided to assign the earned profit to strengthen the bank

2012-03-29

During the ordinary general shareholders’ meeting held on March 29, 2012 the shareholders approved financial statements of the bank and the bank’s group for 2011, elected an audit agency, agreed with the distribution of profit (loss) gained over 2011 and the amendments made to the Charter of the Bank and , also, elected a new Supervisory Council of the Bank.

Due to the growing number of clients, increasing loan portfolio and improving efficiency of the performance allowed Siauliu bankas to earn LTL 12,8 million of audited net profit. It has been decided to place LTL 641 thou to the mandatory reserve while the remaining share of the generated profit (LTL 12,171 million) has been left in the form of retained earnings.

“The position of Siauliu bankas in the market is consecutively reinforced. We are ready to create a solid foundation for the future by strengthening the clientele’s base, optimizing the network of outlets, generating stable cash flows and increasing our revenues, actively managing the bank’s assets and taking advantage of the organizational resources”, - said the Chairman of the Board of Siauliu bankas Algirdas Butkus.

After listening to the consolidated annual report, conclusion of the audit agency, comments and suggestions of the Supervisory Council, the shareholders’ meeting approved the financial statements of Siauliu bankas for 2011. The shareholders’ meeting selected the “PricewaterhouseCoopers” as the bank’s audit agency to perform the audit of the financial statements of the bank and the bank’s group for the period of 2012 and 2013.

After the expiry of tenure of the Supervisory Council of Siauliu bankas , the new Supervisory Council have been elected and employed Arvydas Salda, Sigitas Baguckas, Vigintas Butkus, Gintaras Kateiva, Vytautas Junevičius, Peter Reiniger and, following the best practises of the corporate governance, Ramunė Zabulienė as the first independent member of the Supervisory Council. Ramunė Zabulienė graduated from Vilnius University after the studies of economic cybernetics and finances and from 2002 had been working in the Bank of Lithuania where in 2011 she finished her term of office in the position of the Deputy Chairperson of the Board of the Bank of Lithuania and member of the Board of the Bank of Lithuania.

The major single shareholder of Siauliu bankas is the European Bank for Reconstruction and Development (the EBRD) which owns 19.57 per cent of shares under the right of ownership. 71 % of the bank’s authorized capital is owned by the enterprises and individuals registered in Lithuania.

Over the previous year the number of Siauliu bankas’ clients increased by 11 per cent and comprised 144 thou of private and corporate customer late in the year. Over 2011 the assets of Siauliu bankas grew by 17 per cent up to LTL 2,7 billion. The loan portfolio reached LTL 2,1 billion and the deposit portfolio comprised LTL 1,9 billion at the end of the previous year.


About Siauliu bankas

Siauliu bankas focuses its activities on small and medium-sized business and provision of financial services to individuals. The bank operates through 52 regional outlets all over Lithuania. The major single shareholder of Siauliu bankas is the European Bank for Reconstruction and Development (the EBRD)   owned by 63 states, the European Union (EU) and the European Investment Bank (EIB).