OREANDA-NEWS. February 10, 2012. According to preliminary data, unaudited net profit earned over the year 2011 by AB SEB bankas is LTL 379.8 million (EUR 110.0 million) and by AB SEB bankas Group is LTL 469.7 million (EUR 136.0 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, reported the press-centre of SEB Bank.

Over the year 2010, audited net loss suffered by AB SEB bankas totaled LTL 12.1 million (EUR 3.5 million) and by the Bank’s Group – LTL 18.0 million (EUR 5.2 million). The result of the year 2011 of AB SEB bankas includes sale profit resulting from transfer of shares of the Bank’s subsidiary company UAB “SEB Enskilda” to SEB Group.

The result of the year 2011 of the AB SEB bankas Group doesn’t include the result of UAB “SEB Enskilda”.

Comment by Raimondas Kvedaras, President of SEB Bank:
Lithuania’s economic recovery and stronger customer financial standing in 2011 enabled improving the result of bank group. With a responsible attitude in assessing business risks the bank financed new business projects, issued loans to private individuals and offered new banking services that meet up-to-date needs of the population. We were able to further decrease credit losses, also, measures enhancing the bank’s operational efficiency had a positive impact on the operating result.

Despite the fact that in the second half of 2011 uncertainty in the Eurozone and in the global markets was increasing, expectations among Lithuanian businesses were better compared to 2010, offering an opportunity to increase the bank's business volumes in the sector of large corporate customers, also, there was some improvement in the sector of small and medium enterprises.

The year 2011 saw a significant increase in SEB Bank’s deposit portfolio and growth in the bank's customer base. The changes were primarily determined by events in the Lithuanian banking sector in the last quarter of 2011.

In 2012, stabilisation in the activities of Lithuanian banks is more likely than rapid development. Lower-pace economic growth will hamper growth in a demand for traditional banking services. Similarly, uncertainty related to the Eurozone crisis will not encourage companies to increase their business volumes or the population to increase its consumption appetite, therefore, this year the probability of more pronounced changes remains low.

We will aim at the implementation of our strategy to be the Home Bank for our customers. As a long-term customer relationship bank we will continue offering modern universal banking services, providing them in a professional and convenient way with an in-depth understanding of each customer’s needs and expectations.