International Internet Magazine. Baltic States news & analytics
Wednesday, 11.12.2013, 22:22
Danske banka achieved LVL 1.8 mln in profit in H1; LTL 60 mln in Lithuania
The bank's deposit portfolio reached LVL 123.5 million at the end of the first half-year, loan portfolio – LVL 177.1 million. Danske banka also issued LVL 120.08 million worth of loans to private individuals. The bank's loans to legal entities amounted to LVL 57 million, writes LETA.
Compared to the respective period in 2011, the bank's income from basic activities increased five% to LVL 2.2 million in the first half of 2012, expenses reduced to LVL 1.7 million.
"We continue focusing on efficiency, and the results of the first half-year reflect healthy development trends. We have managed to reduce our expenses by four% and increase the bank's income," points out Danske banka Latvia Branch Manager Raivis Kakanis.
Danske banka continues working on attracting new clients, focusing on low risk client segments.
In the first half of this year, the pre-tax profit of Danske Bank in Lithuania from banking activities, including leasing services provided by the subsidiary UAB Danske Lizingas, was LTL 60 million (EUR 17.4 million), the bank said in a report.
In 2010, the profit before tax from banking activities amounted to LTL 2 million (EUR 0.6 million) . In the same period last year, the profit before tax was LTL 36 million (EUR 10.4 million). In the first half of this year, the profit from banking activities before provisions totalled LTL 23 million/EUR 6.6 million (the result of the same period last year was LTL 21 million/EUR 6.1 million), reports LETA/ELTA.
In the first half of 2012, the pre-tax profit of Danske Bank A/S Lithuania Branch was LTL 61 million (EUR 17.7 million). In the same period last year, this figure amounted to LTL 36 million (EUR 10.4 million).
"The financial results of Danske Bankas of the first half of the year demonstrate that the quality of the bank's portfolio is improving. The current positive business expectations in the market resulted in the growth of our customer portfolio and in the achievement of goods results. In the second half of the year, we will continue to implement our strategy and will seek to raise trust among customers even further," Gintautas Galvanauskas, the bank's director general said.
The deposit portfolio of Danske Bankas decreased 9% and the loan portfolio decreased 6% compared to the same period last year. On 30 June 2012, the loan-to-deposit ratio was 70%.
On 30 June 2012, the share of Danske Bankas in the Lithuanian loan market was 7%.