OREANDA-NEWS. May 06, 2008. During the first quarter of this year Medicinos Bankas earned 2,57 million litas net unaudited profit, i.e. by 42,6 percent more than during the respective period in 2007 when the audited profit of the bank totalled 1,8 million litas, reported the press-centre of Medicinos Bankas.

"Nearly doubled authorised capital of the Bank was the resumption for the successful Bank's operation and achievement of its goals, and this is evidenced by favourable results of the first quarter", - says Gintaras Treinys, administration Deputy Manager of Medicinos Bankas. "During the last two years our growth was more rapid than of any other bank of Lithuania, and we are determined to continue these high rates, but we are monitoring the changes in financial markets, and consistently strengthening the capital base".

Assets of Medicinos Bankas on March 31, 2008 were 733,22 million litas, i.e. by 46,1 percent higher than one year ago, when it amounted to 501,8 million litas. Loan portfolio to the Bank customers increased by 33,8 percent – up to 487,75 million litas, from 364,59 million litas in the end of the fourth quarter of 2007. Customer deposits and credits increased by 46,3 percent – up to 406,99 million litas, compared with 278,22 million litas one year ago.

During the first quarter of this year, three customer service divisions of the Bank were opened in Raseiniai, Trakai and Utena, and the final work is being done for the new customer service divisions in Druskininkai and Telsiai. In addition to the service network development, the scope of financial services rendered is also expanded, and much attention is being provided for the improvement of service quality.

In the beginning of February, Medicinos Bankas registered a new emission of shares thus doubling its authorised capital up to 68,9 million litas, and sawn after that international rating agency Fitch Ratings granted the long-term loan rating B with a stable prospect to Medicinos Bankas.

The entire new emission of shares was acquired by Saulius Karosas, the major shareholder of the bank, who currently holds 97,64 percent of Medicinos Bankas shares together with the directly owned company Western Petroleum Limited.

Following the audited data, the assets of Medicinos Bankas during the last year grew by nearly 66 percent and on 31 December 2007 totalled 707,56 million litas compared to 426,59 million litas at the end of 2006.

Last year the Bank earned 5,56 million litas of net profit, i.e. by 57 percent more than in 2006 when the earnings were 3,54 million litas of the profit. Loan portfolio to the Bank during the last year compared to 2006 increased by 51 percent up to 452 million litas, and customer deposits and credits increased by o 73,3 percent – up to 404,5 million litas.