Over the first six months, Medicinos Bankas generated as much profit as last year

2020-08-24

From January to June of this year, Medicinos Bankas generated net profit of EUR 1.55 million. This is only 0.6 per cent less than the profit generated over the same period of 2019 (EUR 1.56 million).

“Despite the impact of COVID-19 on the income from primary activities, we have managed to achieve the results better than those planned for the end of the first quarter, once the quarantine was introduced. After placing restrictions on the physical customer service, we focused on the optimisation of internal processes, improving the remote service process, development of electronic services. We will continue to focus mostly on the digitization of services and automation of the electronic financing solutions. In these uncertain times, we must be well-prepared for any changes in the external environment,” explained Dalia Klišauskienė, Chairwoman of the Board and Head of Administration of Medicinos Bankas.

Over the period from January to June, net income from service and commission fees dropped by 18.4 per cent to EUR 2.6 million, compared to the first six months of the previous year.



This was a result of reduced volumes of physical customer service in customer service divisions during the quarantine period, drop in exchange rates due restrictions placed on international travels. During the first six months, net income from trade in foreign currency reduced by 18.7 per cent to EUR 1.8 million, compared to the same period in 2019.



During the reference period, net interest income increased by 14.7 per cent to EUR 4.6 million. On 30 June, the value of the portfolio of loans issued by the Bank was EUR 198.8 million, i.e. 1.1 per cent more than a year ago (EUR 196.6 million).

“Until 30 September, we have extended the possibility for residents and businesses to defer loan payments if they are facing financial difficulties resulting from the coronavirus pandemic. During the first six years, we deferred 219 loan agreements for customers who met the terms and conditions of the moratorium; this way, we are helping both companies and residents to deal with financial consequences of COVID-19,” said Mrs. Klišauskienė.

The Bank’s liabilities to its customers increased by 7.9 per cent to EUR 311.1 million, compared to 30 June of the previous year

At the end of the first six months of 2020, the value of assets of Medicinos Bankas was EUR 357.1 million, i.e. 5.3 per cent more than a year ago (EUR 339.3 million). Over the year, the Bank’s shareholders’ equity increased by 12.4 per cent and reached EUR 36.1 million on 30 June of this year.

The main shareholder of the Bank Konstantinas Karosas manages the controlling shareholding of 90.13 shares, while Western Petroleum Ltd holds 9.87 per cent of shares of the Bank.

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