Šiaulių bankas has finished 2006 very well


Šiaulių bankas starts its anniversary 15th year of activities with the significant achievements – all the projected financial results for 2006 have exceeded the expectations. Preliminary pre-audited net profit of the Bank has increased by 68,4 percent – up to LTL 13,6 million. The profit earned by the Bank has exceeded the projected one by almost 14 percent (according to the plan it was expected to earn LTL 12 in net profit).

In comparison with the net profit in 2005 which reached LTL 8,1 million, in 2006 the financial result increased significantly due to consecutive and purposeful activities of the Bank as well as to the developed and convenient client service network all over Lithuania.

The Bank’s assets, deposits and loan portfolio increased significantly during 2006. As of December 31st 2006 the amount of deposits and letters of credit with the Bank comprised LTL 921,5 million, i.e. by 24 percent more in comparison with the same period last year.

The loan portfolio has been one of the most dynamic banking ratios. During the year in comparison with December 31st 2005, loans granted by the Bank have increased by almost LTL 240 million or by more than 36 percent and on the last day of 2006 comprised LTL 898,6 million.

The Bank’s assets have increased by more than LTL 300 million and reach LTL 1,35 billion. Šiaulių bankas is planning to increase this indicator by 26 percent up to LTL 1,7 billion.

In 2006 the authorized capital of Šiaulių bankas topped a symbolic crossbar of LTL 100 million and has increased from LTL 74,72 million late in 2005 to LTL 109 million as of December 31st 2006 – the annual increase of the authorized capital comprised 46 percent. The Bank successfully disseminated its new share issue of LTL 15 million last year.

Šiaulių bankas gives priority to small and medium business; however, retail banking sector is developing very rapidly as well. 100 thou individual and legal entities have been using services of the Bank at the end of last year.

At the end of December 2006, the Bank had been issued 38 thou payment cards, i.e. by 52 percent more than at the same time last year. While the number of e-banking service “SB linija” users has increased by 71 percent and the number of SMS bankas service has been chosen by 178 percent more.

“We have managed to develop the banking activities efficiently by improving quality of client service and reacting into the market changes. The indicators of all the provided financial services increased significantly last year. Therefore, last year is being considered as one of the most successful in the Bank’s history, “- says the Chairman of the Board of Šiaulių bankas Algirdas Butkus.

The audited annual report for 2006 is going to be presented at the General Shareholders’ Meeting of Šiaulių bankas which is planned to be held in March this year.

The results achieved in 2006 allow optimistic evaluations of this year prospects. In 2007 Šiaulių bankas hopes to continue its constant growth and to increase the net profit by one and a half times up to LTL 22 million.