Banks, Financial Services, Lithuania

The bank's profit after taxes in the first nine months of the year was LTL 35.6 million (EUR 10.32 million) compared to LTL 36.4 million (EUR 10.55 million) net profits in the same period in 2013.

"The underlying growth trend remained positive ensured by growth of our lending and deposit portfolio, balanced risk management and higher operating efficiency. In line with growth of business volume we earned more spending less thanks to ongoing focus on streamlining of our operations. Another positive factor was active development of self-service infrastructure for daily banking that helped us to scale down cash operations in branches by more than a third compared to the same period a year ago. That opened the door for us to spend more time on consulting customers on saving, lending and other more complex financial products and services. It also helped us to offset some of the higher expenses related to preparations for the euro introduction in Lithuania. The results we achieved come as a clear signal – our strategy to pursue customer-centric business model pays off especially in the environment of low market rates and lower than expected economy growth," said Bjornar Lund, chairman of the management board and the CEO of DNB Bankas.

In the first nine months, the loan portfolio to individual and corporate customers rose 4.9% year-on-year to LTL 9.74 billion (EUR 2.82 billion) on the back of active work with legal entities and growth of the mortgage and consumer lending portfolio. The bank's loan portfolio to individuals rose 4.9% year-on-year to LTL 4.23 billion (EUR 1.22 billion) as the loan portfolio to legal entities was up 2.9% year-on-year to LTL 5.5 billion (EUR 1.59 billion).

Within the same period, the deposit portfolio increased by 5% to LTL 6.62 billion (EUR 1.92 billion).