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Medicinos Bankas Earns LTL 424 thousand in Profit in Q1

Medicinos Bankas posted LTL 424 thousand pre-audited net profit in the first
quarter of the year, compared to LTL 2.57 million in the corresponding period
of 2008. The Bank's assets have grown by 2.8 per cent to LTL 753.99 million,
compared to LTL 733.22 million at the end of last March.


‘A complicated economic situation in the country has an unavoidable impact on
the activity of banks and is reflected in their financial results,’ says Kęstutis
Olšauskas, Head of Administration of Medicinos Bankas. - Nevertheless, we are
happy to have retained the trust of our customers, which is one of the most
important preconditions to overcome the difficult times successfully.’


Compared with the corresponding period of the last year, customers’ deposits at
the Bank increased by 11.9 per cent in the first quarter of the year  to LTL 523.59
million, compared to LTL 468.13 million. In the first three months of the year, 1,167
new accounts were opened in the Bank, which is nearly twice as many as in the
corresponding period of the previous year. Since the beginning of the year, the
number of depositors has increased by more than 6 per cent and the number of
corporate customers has grown by 4 per cent. In the same period, the customers’
loan portfolio decreased by 4.5 per cent  to LTL 465.82 million, compared to LTL
487.76 million at the end of last March.


‘We have ensured additional financial resources for crediting small and medium
-sized companies and as early as next quarter will be able to grant additional
loans,’ says Mr. Olšauskas.


At the beginning of April, Medicinos Bankas won the Ministry of Economy and
Investicijos ir Verslo Garantijos UAB (INVEGA) tender for granting up to LTL 2
million in loans to small business from the Lithuanian state budget assignations.
The Bank will invest additional 16 per cent of its own funds in this programme.
Micro, small and medium-sized enterprises that are registered as well as carry out
their main activities in Lithuania are welcome to contact the Bank regarding credits
for investments or financing of circulating capital. Up to LTL 175 thousand may be
granted for one credit recipient. The maximum margin of the Bank applied to the
credits in the first two years is intended not to exceed 5.6 per cent.


In February, Medicinos Bankas entered into a contract with the German bank
Kreditanstalt für Wiederaufbau (hereinafter referred to as KfW) and the Council of
Europe Development Bank (CEB) on the LTL 10.36 million value credit line for
funding micro, small and medium-sized companies. KfW funds, allocated in
accordance with the preliminary action plan of the European Union support,
are devoted to financing Lithuanian projects by granting credits to farmers and
agricultural companies.  


To improve customer service, Medicinos Bankas continues to expand its customer
service network. In the first quarter of the year, the Bank opened a new customer
service division in Mažeikiai.  Dainava customer service division in Kaunas has
resumed work after a reconstruction. Smėlynė customer service division (Anykščiai
region) was relocated to Zarasai. Currently the Bank has 44 customer service
divisions, 10 branches and 41 currency exchange places.


Saulius Karosas is the majority shareholder of Medicinos Bankas, who together
with the directly owned company Western Petroleum Limited controls 97.64 per
cent of the Bank shares.

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