Profit of Medicinos Bankas in 2022 grew by 12.5% to EUR 5.2 million

2023-02-20

2022 was a successful year for Medicinos Bankas. According to preliminary unaudited data, the Lithuanian capital bank earned a profit of EUR 5.2 million last year, or 12.5% more than in the previous year (EUR 4.6 million).

“Last year we managed to adapt quickly to the market conditions, to make timely decisions that meet the changing needs of our customers and to take advantage of the opportunities to increase the volume of services,” says Marius Arlauskas, Head of Administration of Medicinos Bankas.

Last year, compared to 2021, net interest income of Medicinos Bankas increased by 16% or EUR 1.6 million to EUR 11.7 million.

Year on year, the bank’s net fee and commission income from services increased by 0.3% or EUR 0.02 million to EUR 5 million, while the net result from foreign exchange transactions increased by 7% or EUR 0.3 million to EUR 4.9 million.

“I am pleased that last year we were able to take advantage of the increased demand for financing by responding quickly and working consistently and purposefully. We have successfully increased both the corporate and personal loan portfolios. The increased volumes of financing for businesses and individuals are an excellent illustration of the fact that, despite the economic and geopolitical uncertainties, confidence in the country’s economy has recovered in 2022, and that businesses and individuals are sufficiently resilient and prepared for current or potential financial difficulties,” says Mr. Arlauskas.

Loan portfolio of Medicinos Bankas grew by 21% to EUR 255 million in 2022 and the overall quality of the bank’s loan portfolio is good. 

“This year, the world’s economies are under pressure from the aftermath of the Russian-led war in Ukraine, rising inflation, and the economic cycle is being watched to see whether it will enter a recessionary phase. As a result, the overall macroeconomic environment is becoming increasingly complicated, making it difficult to predict how customers will behave this year. Nevertheless, Medicinos Bankas will continue to strive for sustainable revenue growth this year by increasing the volume of financing for both individual and corporate customers, with a particular focus on financing renewable energy sources and environmentally friendly projects,” concludes Mr. Arlauskas.

The assets of Medicinos Bankas at the end of 2022 amounted to EUR 411.5 million, or 0.8% more than a year ago (EUR 408.5 million).

The bank’s liabilities to customers at the end of 2022 amounted to EUR 354 million and were 0.4% lower than at the end of December 2021.

During the year, the equity of the shareholders of Medicinos Bankas increased by 12% to EUR 48 million as at 31 December 2022 (previous year: EUR 43 million).

With 296 employees at the end of 2022, Medicinos Bankas’ customer service network consists of 37 territorial branches.

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