Vilnius, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Over the first three quarters of this year, Medicinos Bankas increased its net profit by 22 per cent to 3.1 million euros
Over the first three quarters of this year, Medicinos Bankas earned net profit of 3.1 million euros, i.e. 22.4 per cent more than over the previous January–September, when unaudited net profit of the bank was 2.6 million euros.
Dalia Klišauskienė, Head of Administration of the bank, notes that during the pandemics, the bank has managed to retain its loan portfolio and earned more net interest income.
“We have remained a stable and reliable partner for both small and medium-sized businesses and private clients. Understanding the challenges of the situation brought on by the COVID-19 pandemics, in spring, we started applying temporary loan moratorium. Listening to customer needs, flexibility and constant search for optimal solutions allowed us to improve the result achieved over the first nine months of the previous year,” said Mrs. Klišauskienė.
At the end of September, the loan portfolio of Medicinos Bankas was 202.9 million euros, i.e. 0.5 per cent less than in the beginning of the year. Compared to the same period last year, this January–September, net interest income grew by 8.8 per cent (0.6 million euros) and reached 6.9 million euros.
During the reference period, net income from service and commission fees dropped by 19.6 per cent (1 million euros) to 3.9 million euros, and net income from trade in foreign currency decreased by 17.2 per cent (0.6 million euros) and reached 3.1 million euros.
At the end of this September, the assets of the bank reached 370.6 million euros and was 4 per cent higher than at the end of 2019.
At the end of September, liabilities of Medicinos Bankas to its customers were 323 million euros, i.e. 3.7 per cent more than at the end of 2019.
According to Mrs. Klišauskienė, the bank is well-prepared for the second wave of pandemics that has already struck the country and for the second national quarantine this year.
“We have been developing and strengthening alternative channels for many years, so that we would be able to ensure best experience for our customers. We see that our customers are active in using remote means of communication and the need to physically visit customer service units is no longer so inevitable. We will continue improving the electronic channels, since they are vital during the pandemics,” explained the Head of Administration of Medicinos Bankas.
Since the beginning of 2020, the equity of Medicinos Bankas shareholders grew by 9 per cent and reached 37.7 million euros at the end of this September.
The main shareholder of the bank Konstantinas Karosas manages the controlling shareholding of 90.13 per cent, while Western Petroleum Ltd holds 9.87 per cent of all shares of the bank.
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