Šiaulių Bankas earned LTL 8,1 mln in net profit

2006-01-30

 

Šiaulių Bankas has increased its assets up to LTL 1 billion and earned LTL 8 mln in net profit

(LTL mln. )

 

 

31/12/2004

 

31/12/2005*

 

Alteration %

Assets

704,4

1039,0

47,5

Credits (fair value)

417,7

659,1

57,8

Deposits and Letters of Credit

517,5

743,9

43,7

Equity

67,4

90,2

33,8

Net Profit

6,513

8,103

24,4

 

*Data is not audited

The year 2005 was a year of successful operations for Šiaulių Bankas – the bank rapidly growing has implemented its objectives , achieved and exceeded the projected indicators.

 

According to the not audited data, the bank has earned LTL 8,1 mln. in net profit, i.e. by 24,4 % more than in 2004. (It was planned to earn LTL 7,8 mln.) .

 

In the course of the year the Bank has increased its assets half as much and exceeded LTL 1 billion. (The bank has planned to increase its assets up to LTL 873 mln. and exceeded this indicator by 19 %).

 

During 2005 the net loan portfolio grown more than half as much up to LTL 659,1 mln. (The projected size of loan portfolio LTL 557,5 mln). Small and medium businesses take 78% of the loan portfolio. Last year the bank increased SME loan portfolio by 58%.

 

In the course of the year the deposits with the bank have increased by 44%, i.e. up to LTL 743,9 mln. (projections were LTL 675 mln.). Also, last year the bank successfully disseminated a new share issue at LTL 20mln.

 

“Focus on co-operation with small and medium-size businesses and successive fortification of the capital base have ensured the rapid growth. The investment into the bank’s capital and participation in its management by European Bank for Reconstruction and Development had significant impact that has already granted the primary results”,- has emphasized the Chairman of the Board Chief Executive Officer Algirdas Butkus.

 

The bank has increased its share capital by 33,4% within a year – up to LTL 74,72 mln.. the equity has increased by 33,8% - up to LTL 90,2 mln..

 

The bank has projections to earn LTL 12 mln in net profit during 2006, i.e. by 48% more than last year.