OREANDA-NEWS. May 16, 2011. Profit from the banking activity of Danske Bank A/S Lithuania Branch, including leasing services provided by the subsidiary UAB Danske Lizingas, in Q1 2011 before profit tax equalled LTL 16 million. A loss of LTL 15 million was recorded in Q1 2010, reported the press-centre of Danske Bankas.

Profit of Danske Bank A/S Lithuania Branch for Q1 2011 before profit tax equalled LTL 14 million. A loss of LTL 14 million was recorded in the same period of the preceding year.

In Q1 2011, revenue from net banking activity decreased 13 per cent compared to the same period of last year and totalled LTL 27 million. Operating costs did not change, while the revenue/cost index in Q1 2011 was 55.6 per cent (48.4 per cent in Q1 2010).

‘Last year was not an easy one for the Lithuanian economy. The steps taken by businesses, which enabled adaptation to the changes, have created a basis for an economic revival, however. The growth of exports, good results in the industrial sector, and revival of internal consumption all show that Lithuanian GDP this year will increase at least 4 per cent’, Gintautas Galvanauskas, head of Danske Bankas, said.

The Danske deposit portfolio increased 17 per cent compared to the same period of last year and, on 31 March 2011, totalled LTL 3 billion. The loan-to-deposit ratio increased and equalled 70 per cent on 31 March 2011 (it was 54 per cent on 31 March 2010). Over the course of the year, the loan portfolio decreased 10 per cent to LTL 4.3 billion on 31 March 2011.

At the end of March 2011, the market share of the assets managed by Danske Bankas in Lithuania was 6.5 per cent.