Banks, Financial Services, Good for Business, Lithuania

International Internet Magazine. Baltic States news & analytics Saturday, 19.10.2019, 13:42

Lithuanian banks' profits up 8.5% to 91 mln

BC, Vilnius, 17.06.2019.Print version
Commercial banks and branches of foreign banks operating in Lithuania posted 90.9 million euros in combined net profits in the first quarter, up 8.5 percent from the same periods last year. The Q1 profit figure was the highest since 2011, according to the central Bank of Lithuania writes LETA/BNS.

Eleven banks and foreign bank branches operated profitably and three banking sector participants incurred losses. Banks' key activity – lending – generated the major part of their net income.

Net interest income remained the key source of banks' income, growing by 5.7% y-o-y to 117 mln euros.

Net service and commission income increased 4.4% to 55.6 mln euros, while administrative expenses went up by 3.9% to 80.6 mln euros.

The banking system's assets totaled 28.207 bn euros at the end of the first quarter, up 8.1%, or 2.1 bn euros, from a year earlier, and down 1.4% from the end of the previous quarter.

The combined loan portfolio (including leasing), which makes up the bulk of the assets, almost unchanged over a quarter but rose 5.5% to 19.891 bn euros.

The share of bad loans inched down 0.25 percentage points to 2.19% of the total loan portfolio.

Private individuals' deposits rose 0.9% over a quarter to 22.473 bn euros.

All banks complied with the regulatory capital and liquidity requirements at the end of the first quarter.

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