This year, net profit of Medicinos Bankas has grown by one tenth

2018-11-30

Over three quarters of this year, Medicinos Bankas has earned EUR 1.6 million in net profit, i.e. 10 per cent more than in the same period last year

Compared with the same period last year, net revenue from service fees and commission grew by 51 per cent and reached EUR 3.7 million, revenue from foreign exchange trading increased by 26 per cent and stood at EUR 3.5 million, and net revenue from interest increased by 16 per cent to EUR 5.5 million.

“We have clearly defined main segments of our service users and our service development is focused on them. Natural persons, small and medium-sized businesses and agricultural entities require daily banking services, so we are developing our network of bank divisions in the areas convenient to our clients and we see that this choice brings considerable benefits both to the clients and the bank,” said Ms. Dalia Klišauskienė, Chair of the Board and Head of Administration of Medicinos Bankas.

Over three quarters of this year, the Bank's loan portfolio grew by 2 per cent and reached EUR 167 million. At the end of the third quarter of 2018, the Bank's assets amounted to EUR 321 million and were 12 per cent higher than on 31 December 2017.

At the end of the third quarter this year, Bank’s obligations to clients amounted to EUR 279.5 million and were 11 per cent higher than on 31 December 2017.

The equity of Medicinos Bankas shareholders grew by 8 per cent from the beginning of 2018 and on 30 September 2018, stood at EUR 29.7 million, a change from EUR 27.5 million on 31 December 2017.

This year, Medicinos Bankas distributed subordinated bonds for EUR 2.21 million. Raised funds will be used for diversification of sources of financing.

The main shareholder of the Bank is Mr. Saulius Karosas holding 89.91 per cent of the Bank’s shares. The company Western Petroleum Ltd owns 9.87 per cent of the shares. Other shareholders hold 0.22 per cent of the Bank's authorised capital.

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