Vilniaus Group going strong

  • 2003-05-15

Lithuania's Vilniaus Bankas Group, owned by Sweden's SEB, announced a net profit of 26 million litas (7.5 million euros) for the first quarter of 2003, a 10.3 percent increase over the same period last year.

The Vilniaus Bankas Group is projecting a net profit of 1.8 million litas for the full financial year after posting an audited net profit of 126.5 million litas in 2002.

In the first quarter of 2003 compared with the respective period in 2002, net interest income decreased by 9.9 percent, or by 5.6 million litas. Net commission income, net income from financial transactions and other income rose by 10.9 percent, or by 3.9 million litas.

In year-on-year terms, the group's total assets shrank by 3.1 percent to 6.4 billion litas.

Net loans grew by 5.6 percent to 3.3 billion litas, while deposits shrank by 8.8 percent to 4.2 billion litas.

The bank's shareholders' equity increased by 3.2 percent to 837 million litas.

As of March 31, the Vilniaus Bankas Group had a 40 percent share of Lithuania's loan market and a 36 percent share of deposits.