Šiaulių Bankas increases its share capital by LTL 4.403 million


Šiaulių Bankas increases its share capital by LTL 4.406 million

General Shareholders’ Meeting of 29th March 2004 decided to increase the Bank’s share capital by LTL 4.406 million from the Bank’s funds (retained earnings) up to LTL 52.75 million by issuing 4,406,060 ordinary registered shares with the nominal value of 1 litas per share. These shares are given free to the shareholders, 9.11% each of the number of shares owned on the day of the meeting. The market value of Šiaulių Bankas shares during the year since last General Shareholders’ Meeting has increased by about 98%, while since the beginning of 2004 it has grown by approximately 60%.

The meeting has decided to pay out dividends of 1% of the nominal share value, payable as of April 1st and LTL 250,000 tantiemes to the Bank Council Memebers.

The General Shareholders’ Meeting has confirmed the Annual Report for 2003, Balance Sheet and Income Statement as well as the estimates for 2004 presented by the Bank Board. It is estimated that in 2004 the Bank should earn LTL 6.509 million in net profit. Last year the Bank received LTL 4.154 million in audited net profit, which is 20.5% more than in 2002.

The international audit company PricewaterhouseCoopers having performed the audit
of the Bank’s financial statements has confirmed in its report without any reservation that the mentioned statements give a true and fair view of the financial position of the Bank as at 31st December 2002.

The share capital of the Bank increased by 27% up to LTL 48.344 million during the year. In the middle of the year the Bank increased its capital by more than LTL 5 million from its own funds, and at the end of the year by another LTL 5 million from additional contributions.

By establishing 5 new Client Servicing Centres and closing one, the Bank has expanded its network to 37 territorial subdivisions operating in 22 towns of the country.

At the end of the year the Bank was servicing 56,000 customers, 37% more than in the previous year.

The General Shareholders’ Meeting selected PricewaterhouseCoopers, UAB as the Bank’s auditing company for checking the financial accounting in fiscal years 2004 and 2005.