The profit of Šiaulių bankas for the first half-year – LTL 15 million


Šiaulių bankas, a partner for small and medium-sized business, earned LTL 15 million of pre-audited net profit during the first half-year, i.e. by 24 per cent more than last year at the same time.

The result for the first half-year in 2007 was influenced by the one-time transaction selling the bank’s subsidiary - “Pajūrio alka” UAB - which has not been taken into consideration while comparing the results. During the first half-year in 2008 the bank’s assets increased by LTL 103,2 million and comprised LTL 2,1 billion at the end of June. The assets managed by the bank have increased by 27.9 per cent in the course of the year.

According to the Chairman of the Board of Šiaulių bankas Algirdas Butkus the bank has been thoroughly assessing the accepted risks incurred due to the changing situation in the economic market and, however, despite the stiffened loan granting conditions, it has been further raising its loan portfolio. The mid-year results in comparison with the same period last year show that the amount of loans granted by Šiaulių bankas has increased by 27.2 per cent and exceeded LTL 1,6 billion. The clients’ deposit portfolio has increased by a quarter in the course of the year and at the end of the half-year comprised LTL 1,36 billion.

During the same period of time Šiaulių bankas has opened 11 new client service centers - three in Vilnius, two in Šiauliai, and one in Kaunas, Klaipėda, Panevėžys, Zarasai, Kupiškis and Rokiškis respectively while Utenos branch has moved to the new premises. Calculating from the previous mid-year to the end of this half-year the number of Šiaulių bankas’ clients has grown by almost 13.9 thou, i.e. by 13 per cent.

Though paying big attention to the bank’s development, Šiaulių bankas has strengthened its capital base as well. During the first half-year the bank’s authorized capital was increased from the bank’s own funds by LTL 19.3 million and currently comprises more than LTL 180 million. The equity of Šiaulių bankas shareholders reaches LTL 281.2 million  - it has increased by 64.9 per cent or by more than LTL 110 million in the course of he year.

The business strategy of Šiaulių bankas has been evaluated by the international financial partners as well - eight foreign banks granted a syndicated loan in the amount of EUR 20 million in June.

The efficient activities stimulated clients’ interest in electronic banking services. In comparison with the previous half-year the number of users of Šiaulių bankas’ Internet system “SB linija” has increase by almost 48 per cent. From the end of previous June to June 30th this year the number of transaction performed by the bank’s clients via the “SB linija” has increase by more than 32 per cent. While the number of issued payment cards has jumped by 18.5 per cent up to 47 thou. A year and a half ago Šiaulių bakas started the development of its ATM network and currently it has 24 ATMs in the biggest towns in Lithuania.