OREANDA-NEWS. May 13, 2014. According to preliminary data, unaudited net profit earned over the first quarter of the year 2014 by AB SEB bankas is LTL 56.7 million (EUR 16.4 million) and by AB SEB bankas Group is LTL 55.1 million (EUR 16.0 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. Over the first quarter of the year 2013, unaudited net profit earned by AB SEB bankas totalled LTL 44.3 million (EUR 12.8 million) and by AB SEB bankas Group – LTL 38.7 million (EUR 11.2 million). November 2013 AB “SEB lizingas” was merged with AB SEB bankas therefore AB SEB bankas results of the first quarter of the year 2013 are presented including the result of AB “SEB lizingas”.

Comment by President of AB SEB bankas in Lithuania Raimondas Kvedaras:

This year, Lithuania’s economy growth rate will depend on the Euro zone economic recovery process. On the other hand, the development of country’s economy will depend on the situation in the Eastern region, where companies are exposed to higher risk and are getting more cautious as a result of deceleration in Russian economy and tensions in Ukraine.
 
In the country’s domestic market we see further positive signals that precondition the development of banking services – unemployment is decreasing, real wages are growing.

The bank group’s result of the first quarter of the current year was positive – its net profit and assets increased, deposit and investment portfolio grew, its income improved, costs went down, and customer pro-activeness in using various banking services increased. We continued issuing loans to private individual customers and financing new promising projects of corporate customers – during the first quarter, we issued new loans worth LTL 1.4 billion, which is an 18 per cent increase year on year.
 
We have special focus on the improvement of daily banking services which private individuals may use on their own and at a lower fee than at the bank's sub-branches. One of our key priorities this year is to get properly prepared and support our customers in getting prepared for the planned introduction of the Euro, to provide advice our customers on any financial issues that may arise in connection with this significant change. Also, we will remain focused on strengthening the relationship with the existing customers of our bank by offering the best financial solutions to those who have selected SEB Bank as their home bank. 

Key financial ratios of AB SEB bankas Group:

As of 31 March 2014, AB SEB bankas Group equity was LTL 2.6 billion (LTL 2.4 billion yoy), i.e. increased by 5 per cent.

As of 31 March 2014, AB SEB bankas Group assets were LTL 23.0 billion (LTL 23.3 billion yoy), i.e. decreased by 1 per cent.

Since 31 March 2014, AB SEB bankas’ deposit portfolio went up by 7 per cent, i.e. from LTL 12.2 billion to LTL 13.1 billion.

As of 31 March 2014, net value of AB SEB bankas Group loans and leasing portfolio was LTL 17.3 billion (LTL 18 billion yoy), i.e. decreased by 4 per cent.

Over Q1 2014, the amount of new loans (extended loans excluded) issued by AB SEB bankas  increased up to LTL 1.4 billion as compared to  the amount of new loan issued over Q1 of the year 2013, i.e. increased by 18 per cent.

Q1 2014 income of AB SEB bankas Group was LTL 146 million (LTL 129 million yoy), i.e. decreased by 13 per cent.

At the close of March 2014, AB SEB bankas Group liquidity ratio was 35.1 per cent (requirement being 30 per cent).

The number of registered SEB Internet Bank users increased by 43 thousand and at the close of Q1 2014 was 1.1 million, which is a 4 per cent increase yoy.

As compared to the data of 31 March 2013, the number of cash deposit transactions at cash-in ATMs increased by 21 per cent, and a drop in of cash deposit transactions at the bank's units over the same period was 41 per cent.

Over a relevant period, an increase in the turnover of payment cards was 5 per cent, and that in the number of POS terminals was 7.4 per cent.

At the close of Q1 2014, AB SEB bankas had 46 customer service subdivisions all over Lithuania. The ATM network offered to SEB Bank customers is the largest one in Lithuania and includes ATMs of both SEB and DNB banks, i.e. 535 ATMs.