Šiaulių bankas Group’s profit increased by three quarters


During the first quarter this year the pre-audited net profit of Šiaulių bankas’ Group has grown by 71.4 per cent - up to LTL 6,39 million in comparison with the first quarter in 2007.

The assets managed by Šiaulių bankas’ Group, which consists of Šiaulių bankas and three subsidiaries - “Šiaulių banko lizingas” UAB, “Šiaulių banko turto fondas” UAB and “Šiaulių banko investicijų valdymas” UAB, have grown by more than half a billion litas or by 41 per cent, and have been evaluated at LTL 2,09 billion after the end of quarter ( as of March 31st 2007 the Group’s assets comprised almost LTL 1,5 billion).

The growth of assets has been mainly influenced by the loan portfolio gain, which has been increased by Šiaulių bankas’ Group up to LTL 1,39 billion during the first quarter this year in comparison with the first months last year. “Exclusive attention to servicing, increasing clients’ trust and development of the bank’s network  - such are only several reasons that allowed Šiaulių bankas Group’s loan portfolio growing by 43 per cent”, - said Algirdas Butkus, Chairman of the Board of Šiaulių bankas.

Loans to customers comprised 66 per cent of the Group’s assets while the debt and equity securities portfolio (the major share of which consisted of liquid debt securities belonging to issuers having investment ratings) has not changed significantly and comprised 11 per cent.

Leasing portfolio has grown by 38 per cent - at the end of the first quarter this year a value of leasing agreements entered exceeded LTL 120 million. During three months of 2008 Šiaulių bankas’ Group earned LTL 12,04 million of net interest income, i.e. by 18,4 per cent more than during the first quarter last year.

Amount of deposits with Šiaulių bankas has grown by 24 per cent in comparison to March 31st 2007, i.e. up to LTL 1,27 billion. The equity of Šiaulių bankas Group’s shareholders has reached LTL 289,19 million at the end of the first quarter this year and increased by 64,5 per cent during the year.