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Medicinos Bankas Posts 1.82 Million Litas Profit for H1

Medicinos Bankas UAB earned 1.82 million Litas in non-audited net profit in the
first six-month period of this year. The assets of the Bank amounted to 766.45
million Litas as on 30 June 2009.


‘During the first half of the year, commission incomes from customers’
transactions, currency exchange and payment acceptance increased, and the
assets and loan portfolio of the Bank went up,’ says Kęstutis Olšauskas,
the Head of the Administration of Medicinos Bankas.


The Bank’s loan portfolio amounted to 495.17 million Litas on 30 June 2009,
compared to 474.418 million Litas at the beginning of the year.


Medicinos Bankas won tenders for the provision of aid to small-sized businesses
announced by the Ministry of Economy and Investicijų Ir Verslo Garantijos UAB


In early July, the Bank signed an agreement with INVEGA and acquired the right to
grant loans with the use of the funds of the Open Credit Fund (OCF), which has
accumulated 100 million Litas.


‘The tenders we won and the agreements signed with INVEGA expand our
possibilities in providing financial assistance to small and medium-sized
companies for their business development,’ says K. Olšauskas.


During the first six-month period of this year, customers’ deposits with the Bank
increased by 4.44 per cent to 538.79 million Litas compared to 515.9 million
Litas in the same period last year. The number of depositors grew by 7.9 per cent
since the beginning of the year.


Medicinos Bankas adhered and adheres to all risk limiting indicators. The Bank’s
capital adequacy is higher than 20 per cent, and its liquidity is over 60 per cent.
The standards stipulated by the Bank of Lithuania require that the capital adequacy
of banks should be not lower than 8 per cent, and their liquidity should be not
lower than 30 per cent.


Currently, Medicinos Bankas owns 44 customer servicing departments, 10
branches and 30 currency exchange offices.


Saulius Karosas is the major shareholder of Medicinos Bankas and controls,
together with the company Western Petroleum Limited owned by him,
97.64 per cent of the Bank’s shares.

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