photo of Vladimir Ivanovs (VŽ).
General Financing bank’s profit in 2023 increased by 14% and reached 3.7 million Eur. The portfolio of both loans and deposits increased. A new product, an interest-bearing current account, also contributed to the latter.
The bank’s deposit portfolio in 2023 increased by 31% to 133 million EUR, and the loan portfolio grew by 11% to EUR 121 million. Eur.
in 2023 at the end of the year, the bank’s consumer loan portfolio amounted to 121 million Eur and was 11% higher than in 2022. help Most of the new loans issued by the bank consisted of loans issued at bank branches and remotely.
Bank’s deposit portfolio in 2023 increased by 31%.
“The growth was determined by several main factors, first of all, attractive interest rates on deposits and loans. Consumer loan customers borrowed larger amounts for a longer period of time. In addition, last year we introduced a new product – a savings account in which customers can store monetary funds, receive interest on them and use these funds at any time without any restrictions,” Justinas Muleika, CEO of General Financing Bank, is quoted as saying in the company’s announcement.
The bank’s profit before taxes in 2023 grew by 14% and amounted to 3.7 million Eur.
Capital and liquidity ratios remained high. in 2023 at the end of the year, the capital adequacy ratio of “General Financing banka” reached 16%, and the coverage ratio with liquid assets (eng. liquidity coverage ratioLCR) – 248%.
According to J. Muleika, in order to maintain its position in the consumer loan market, the bank will continue to pay a lot of attention to internal productivity, improve internal processes, increase their level of automation and create solutions that improve customer experience.
The bank’s aspiration is to remain one of the most attractive in the retail deposit market.
“The European Central Bank predicts that in 2024 interest rates should decrease, but due to competition in the deposit market, deposit interest rates will decrease only after some time. Although the total 2024 the economic outlook is moderately positive, high interest rates on household deposits will put pressure on interest margins. Credit prices will remain very competitive in the conditions of potentially falling interest rates, and profitability growth will continue to depend on the ability to provide customers with the highest level of service and meet their expectations in various sales channels,” says Mr. Muleika.
Choose the companies and topics you are interested in – we will inform you in a personal newsletter as soon as they are mentioned in “Verslo žinės”, “Sodra”, “Registrų centrum”, etc. in the sources.
Theme “Markets”
