Banks, Financial Services, Lithuania

All the banks operated at profit, except the AS subsidiary of Balti Investeeringute Grupi Pank and the subsidiary of MP Investment Bank hf., which have recently started operating in the Baltic States, informs ELTA.

Although the profit of the bank system remained growing, three banks earned less compared to the first six months of 2007.

According to the Bank of Lithuania, onetime revenues of the first half-year had great impact on the increase of the bank net profit. Over the first six months, seven banks received 109.1 million euros (31.79 million euros) dividends from their subsidiaries - 72.7% more, than last year.

The growth rate of the bank transactional and other expenditures has slowed down.

Over January-June, the bank transactional and other expenditures amounted to 684.9 million litas (199.55 million euros), an increase of 12.3% year-on-year. Meanwhile, over the second quarter of 2008, the transactional expenditure exceeded the expenditure of the same period in 2007 only 4.4%. It is likely that in the future the banks will improve their performance by saving on the transactional expenditures.