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Over the first half of this year, Medicinos Bankas earned 2.5 million litas of net profit

Over the first half of this year, UAB Medicinos Bankas earned 2,500 thousand litas of unaudited net profit.

According to Gintaras Treinys, Chairman of the Board of Medicinos Bankas, activities of the bank have been productive and financially successful during the first half of this year; great attention has been paid to the deployment of modern technology and innovation in the system of banking services. “One of our key strategic objectives is focus on customer needs, which we fulfil by providing them with modern and up-to-date interactive banking services. We offer our customers new (both in Lithuania and worldwide) mobile banking solutions as well as encourage them to actively use electronic services, which save them time and are free of charge”, says G. Treinys.

Income

Over the first half of 2013, Medicinos Bankas earned 13,911 thousand litas of net interest income, which is 1,945 thousand litas more than it was earned over the first half of the previous year (11,966 thousand litas).

Over the first six months of this year, Medicinos Bankas earned 8,266 thousand litas from commission fees and services and 5,933 thousand litas of income from foreign currency transactions or 1,119 thousand litas and 1,280 thousand litas more than it was earned over the first half of the previous year, respectively. Expansion of the bank’s network continued in 2013 had a positive impact on the bank’s income from services, commission fees and foreign currency transactions.

 

Deposits and loans

Both loan portfolio and the number of deposits were increasing over the first half of this year. Compared to the beginning of the year, portfolio of loans issued by Medicinos Bankas to its customers over the first half of this year increased by 11 million litas and reached 500.02 million litas; deposits of customers increased by 7.17 million litas and currently amount to 733.25 million litas. Time deposits account for 573.26 million litas of the total deposit portfolio. Over one year, the bank deposits of customers went up by 65.20 million litas (on 30 06 2012, there were 668.05 million litas deposited with the bank). The amount of money deposited by private depositors (residents) increased by 43.86 million litas over the year (from 512.90 million litas to 556.76 million litas).

 

Assets and performance standards

On 30 June 2013, assets of Medicinos Bankas amounted to 892.98 million litas. Compared to the first half of 2012 (826.39 million litas), assets of the bank grew by 66.585 million litas over the year and increased by 3.74 million litas since the beginning of this year.

Medicinos Bankas complies with all prudential requirements set out by the Bank of Lithuania. On 30 June 2013, the bank’s capital adequacy ratio reached 14.71 percent and that of liquidity reached 45.41 percent.

 

 

Development of the bank

This year, Medicinos Bankas continues to actively expand its customer service network in the country in order to be closer to its customers and create favourable conditions for the customers to perform complex financial transactions. Over the first half of 2013, the bank opened two new customer service divisions: one of them in Kaunas, in the shopping and leisure center “Mega”, and the second one in Vilnius, in the shopping and entertainment center “Akropolis”. Currently, the bank serves customers in 102 departments throughout Lithuania.

 

Customer activity and services

At the end of June of 2013, the bank had provided financial services to more than 52 thousand (52,207) individual and corporate customers. Compared to the same period of the previous year the number of the bank’s customers increased by 7,367 or 16.43 percent.

 

During the first half of the year, Medicinos Bankas continued to invest in and improve electronic banking channels and services: it continued to expand cooperation with online stores, developed a new informative website with up-to-date navigation and convenient information management. Moreover, Medicinos Bankas has implemented and updated mobile banking app for smartphones, which allows the bank’s customers to manage their finances in Medicinos Bankas directly at any time as well as pay bills for services by scanning them. The latter innovation allows the bank’s customers to pay for mobile, television or any other services by scanning a special barcode, obtained with the service provider’s bill.

 

This year, Medicinos Bankas continues its activities in the agricultural sector. During the first half of the year, Medicinos Bankas cooperated with UAB “Žemės ūkio paskolų garantijų fondas” (Agricultural Loan Guarantee Fund; ŽŪPGF) and took part in the active financing of farmers, agro-processors and businesses being established in rural areas. Over the first six months of this year, Medicinos Bankas issued 18 percent of the credits with ŽŪPGF guarantee granted by all credit institutions to farmers, rural businesses and agro-processors.

 

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