Commercial banks and other credit institutions operating in Lithuania have paid 56 million euros in the so-called temporary solidarity contributions for the second quarter of 2023, preliminary figures from the Finance Ministry showed on Friday.
Eighteen credit institutions made the first quarterly advance payment by Thursday's deadline, according to the ministry.
Finance Minister Gintarė Skaistė said in a press release that the proceeds from the levy will be used to fund military mobility and dual-use transport infrastructure projects.
Lithuania introduced the windfall tax on banks after they posted record profits following interest rate hikes by the European Central Bank.
"In a likely scenario", the state will raise around 130 million euros in 2023, some 230 million euros in 2024 and about 50 million euros in 2025, the ministry said.
Commercial banks operating in Lithuania have posted 258.4 million euros in combined profits for the first quarter of this year, almost three times more than in the same period last year, according to the press release.
If the situation remains unchanged, the Lithuanian banking sector's profits are likely to reach around a billion euros in 2023, it said.
SEB, one of Lithuania's largest banks, confirmed to BNS on Friday that it had transferred almost 16 million euros to the state as the first payment of the solidarity levy.
On Wednesday, Swedbank said it paid 25 million euros, and Revolut Bank, which holds a banking licence in Lithuania, said on Thursday it transferred 570,000 euros to the state. Šiaulių Bankas said it would pay 2.2 million euros.
Meanwhile, Luminor paid 8.3 million euros, and OP Corporate Bank's Lithuanian branch transferred 640,000 euros.
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