SEB Bank Group in Lithuania Presents Its Result for 2010
OREANDA-NEWS. February 14, 2011. According to preliminary data, unaudited net loss suffered over the year 2010 by SEB Bank is LTL 12,1 million (EUR 3,5 million) and by SEB Bank Group – LTL 18,0 million (EUR 5,2 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the year 2009, audited net loss suffered by the Bank totalled LTL 1 546,2 million (EUR 447,8 million) and by the Group – LTL 1 427,5 million (EUR 413,43 million), reported the press-centre of SEB Bank.
The result of the year 2010 of SEB Bank includes sale profit resulting from the transfer of shares of the Bank’s subsidiary companies SEB Gyvybes Draudimas and Litectus to SEB Group concluded in the first quarter of 2010. The result of the year 2010 of SEB Bank Group includes the result of Litectus in January and February; the result of SEB Gyvybes Draudimas is not included.
Though the annual result of SEB Bank Group in Lithuania still remained in red, however, the economic recovery trends that became apparent last year enabled us to operate at profit in the second half of 2010 and decrease provisions for distressed loans
The Bank Group’s net profit over 4Q 2010 was LTL 58.1 million, and that of July-December together was LTL 142.9 million. The total year 2010 profit was adjusted by included part of the costs, namely, LTL 71.8 million for the launch of the new core banking system – the largest IT systems upgrade project implemented during three recent years
So far, in the sphere of domestic consumption we see no major changes that would allow to expect rapid income growth in the banking sector. Despite that, stronger positive trends of Lithuanian companies’ exports in the second half of 2010 give grounds for moderate optimism that it will also become apparent in other Lithuanian economy sectors, induce recovery in the domestic market and positive changes in private individual and corporate finance
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