OREANDA-NEWS. August 21, 2007. In the 1st half of this year Ukio bankas took the leading position among Lithuanian banks by the size of its international factoring portfolio, reported the press-centre of Ukio bankas.

The Bank’s international factoring portfolio amounted to LTL 131,3 million. Ukio bankas total portfolio of local and international factoring amounted to LTL 164,2 million and was ranked 3rd by size with the national factoring market share of 10,08 percent. The report on H-1 2007 factoring was drawn up by the Association of Lithuanian Banks.

During the first six months of 2007, Ukio bankas international factoring turnover totalled LTL 377,8 million. This is the best result achieved in Lithuania. The total turnover of Ukio bankas local and international factoring reached LTL 455,2 million.

“Excellent factoring results of the 1st half-year were predetermined by the successful development of international services. Presently, we take the leading position by the size and turnover of the international factoring portfolio on the Lithuanian banking market. The plan is to continue increasing the portfolio of local factoring,” said Justas Babarskas, director of Ukio bankas Trade Financing Department.

The limits of Ukio bankas valid factoring agreements amounted to LTL 211,7 million in the first half of this year. The limits new factoring agreements signed during the first six months of this year totalled LTL 39,6 million.

“The service of factoring is an excellent alternative to businesses that lack circulating capital and cannot borrow it because they do not have assets as collateral. Factoring provides required financial resources that allow companies to continue developing their business,” says Mr. Babarskas.

The rapidly growing Ukio bankas provides a wide range of services to both private and business clients. During the first seven months of this year Ukio bankas earned LTL 55,4 million in net non-audited profit, which is 2,7 times more compared to the same period of 2006 (LTL 20,7 million).