Banks, Financial Services, Lithuania
International Internet Magazine. Baltic States news & analytics
Thursday, 18.04.2024, 04:32
Swedbank, SEB earn most of Lithuania's banking profits in 10 months
Print version |
|---|
The sector's aggregate profits for the nine months edged up by 252,000
euros, or 0.1%, year-on-year to 178.094 million euros. Ten banks and foreign
bank branches operated at a profit and three market participants suffered
losses.
Swedbank's consolidated profits increased by 15.5% year-on-year to 85.457 million
euros, accounting for 48% to the sector's overall earnings. SEB Bankas' profits declined by 1.9%
to 65.63 million euros, or 36.3% of the total profits.
DNB Bankas, the country's third-biggest bank by assets, reported 22.188 million euros
in net losses for the period. According to the Bank of Lithuania's report,
these losses were due to provisions related to the future use of the bank's IT
systems as part of preparations for its merger with Nordea.
Citadele's profit for the nine months fell by 8% year-on-year to 1.95 million euros.
Seven foreign bank branches recorded 22.285 million euros in combined
profits for the reporting period, versus 23.3 million euros in losses a year
earlier.
«The Baltic Course» Is Sold and Stays in Business!
