The Banker recognized Šiaulių Bankas as The Best Bank in Lithuania' 2016
Magazine The Banker issued by the Great Britain's daily newspaper The Financial Times has recognized Šiaulių Bankas as The Best Bank in Lithuania' 2016. This is the third award of the prestigious business magazine - Šiaulių Bankas was also recognized as the best bank in Lithuania in 2013 and 2015.
"We have won this honourable award three times over the past four years - such a result shows that we are moving in the right direction. This award indicates that consistently expanding our activities, strengthening position in the market, optimizing processes and making them more efficient and improving the quality of customer service we have achieved significant results, - emphasized Chief Executive Officer of Šiaulių Bankas Vytautas Sinius.
The Banker admitted that having joined the eurozone for the first year Lithuania’s banks were faced with the same low interest rate struggles but despite the difficult operating environment, Šiauliu Bankas doubled its profitability. Net profits increased by €12m to €23.8m in 2015, boosting return on equity to 18.95%, while Tier 1 capital and assets also rose by 29% and 3%, respectively.
In January-September this year, the bank reached a record three-quarter operating profit - the Group received EUR 37 million of profit, while loan and financial lease portfolio crossed the billion-euro threshold. Šiaulių Bankas expects to successfully end 2016 with a record return on capital.
The Banker has highlighted the results of Šiaulių Bankas in small and medium-sized business (SME) segment. Loans to SMEs account for 70 per cent of the total loan portfolio of Šiaulių Bankas. The Bank is expanding the range of services in the retail banking segment with the emphasis on saving, investment, leasing and consumer financing services. The customer service satisfaction indicators are improving every year - according to the data Dive Lietuva 90.3 per cent of the Bank's customers are satisfied with the quality of rendered services.
Besides, the bank actively participates in the multi-apartment housing renovation programme in Lithuania covering more than 60 per cent of the multi-apartment housing renovation financing market. Since 2010, Šiaulių Bankas has already financed 1 250 renovation objects and the total value of such financing reached EUR 289 million.
The Banker noted that last year Šiaulių Bankas acquired both the bank and brokerage firm Finasta AB allowing the lender to diversifying its income base and creating additional value for the bank’s clients. The acquisition significantly enhanced Šiaulių Bankas's potential and competitiveness as it deepened its offering in investment, securities trading and brokerage services.
The Banker is the world's premier banking and finance resource belonging to the Financial Times Group that has been providing global financial intelligence since 1926. Read in over 180 countries around the world. The Best Bank's Award is granted by The Banker annually for one bank in the country which has distinguished itself with the very remarkable performance.