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Medicinos Bankas third quarter results – a net profit of 3.4 m litas

Over the first nine months of this year UAB Medicinos Bankas earned 3,435 thousand litas of unaudited net profit. The 2013 third quarter operating profits of the bank amounted to 20,025 thousand litas – 4.63 % more than the third quarter result of 2012 (19,138 thousand litas).

 

According to Gintaras Treinys, Chairman of the Board and CEO of Medicinos Bankas, bank operations over these nine months have been purposeful and oriented towards expanding the scope of services as well as attracting new clients. A consistent growth of operating profits and assets indicates that a suitable financial strategy has been implemented.

 

On 30 September, 2013, the assets of the bank amounted to 874.9 m litas (assets at the end of the third quarter in 2012 were worth 861.9 m litas).

 

Over the first nine months of 2013 the bank earned 21,424 thousand litas of net interest income and 12,477 thousand litas of net income from services and commission fees. Respectively, that is 25.76 % (17,035 thousand litas in 2012) and 11.34 % (11,206 thousand litas in 2012) more than the previous year's third quarter result. Over the first nine months of 2013, foreign currency transactions amounted to a net worth of 10,284 thousand litas. This indicates a 35.73 % growth compared to last year's result for the same period (7,577 thousand litas).

 

During the first three quarters of this year, the bank issued its customers a total amount of 122 m litas in loans, and at the end of the third quarter (30 September, 2013) the Medicinos Bankas loan portfolio amounted to 490.64 m litas, making up 56 % of the bank's total actives. At the end of the reference period, customer deposits amounted to 724.87 m litas.

 

By the end of the year's third quarter, Medicinos Bankas, in order to develop a closer relationship with its customers, provided financial services in 106 divisions − 11 more divisions than at the end of the previous year's third quarter (95 divisions). Alongside the expansion of customer services, 64 new staff positions were created in 2013. At the end of the third quarter of this year, 626 individuals were employed by the bank, this is a 14.76 % increase compared to the number of employees at the end of the third quarter in 2012.

 

Medicinos Bankas complies with all prudential requirements set out by the Bank of Lithuania. At the end of the third quarter of 2013, the bank's liquidity ratio reached 46.27 % and its capital adequacy ratio reached 15.20 %.

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