photo of Vladimir Ivanovs (VŽ).
The Baltic Bank “Luminor” earned almost 67 million in the first quarter of this year. Eur, or 11% more than last year in the same period.
In Thursday’s results, double-digit growth in net interest income continued, but the loan portfolio shrank.
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The bank’s operating profit grew by 8.4% due to increasing net interest income. Operational costs increased by 4.4% due to the improvement of IT systems.
A bank registered in Estonia generates half of its loan portfolio and net interest income in Lithuania.
“Although the market is still living in the anxious mood of last year, when the economies of the Baltic countries were clearly at a standstill, in the first quarter we have already seen shoots of optimism foretelling spring in one place or another and we have recorded a revival of business. The high quality of the loan portfolio demonstrates the resilience and ability of Baltic business and private customers to rationally plan and act in any circumstances,” Jonas Urbonas, Head of Luminor Bank in Lithuania, is quoted in the results report.
The credit institution recently changed the head of the entire group.
“We have a long way to go to be successful with our customers, but we can start from a solid foundation (…). From the very beginning, I have focused on the quality of our services and the improvement and efficiency of the bank’s IT systems,” Wojciech Sass, CEO of Luminor Bank, was quoted as saying in the report.
The amount of taxes paid by the bank increased from 10.3 mln. EUR up to 11.6 million. Eur.
In the report, the bank indicates that during the first quarter in Lithuania, it calculated 4.5 million. EUR of the new tax.
Luminor, the fourth of the local market players, announced its first quarter results.
SEB bankas in Lithuania earned 2% less in the first quarter than in the same period last year.
Swedbank’s profit decreased by 15%.
The profit of the two largest participants was also reduced by the calculated solidarity contribution.
Šiauliai Bank’s profit grew by 17%.
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Theme “Markets”
