News

2015.09.08 13:45

Swedbank Lithuania presents Q4 2013 financial results

DELFI.lt2015.09.08 13:45

Swedbank Lithuania has informed that it reported a net profit of LTL 392 million for 2013 including LTL 33 million profit from the sale of Swedbank Life Insurance shares to Swedbank Estonia.

 Swedbank Lithuania has informed that it reported a net profit of LTL 392 million for 2013 including LTL 33 million profit from the sale of Swedbank Life Insurance shares to Swedbank Estonia.

Excluding the profit from the shares, net profits amounted to LTL 359 million, down two per cent year-on-year (LTL 367 million 2012). Total income increased by LTL five million in 2013 and amounted to LTL 651 million.

“Last year saw positive trends making their mark on the bank’s financial results. First of all, in the second half of the year we witnessed increases in lending volumes,” said Dovile Grigienė, Head of Swedbank Lithuania.

“The last two quarters also saw a marked growth in net interest income which is one of our main income sources. Finally, there was increased usage of remote banking channels and this is a clear sign of changing client behaviour.

“Looking ahead, we see ripe conditions for domestic demand and investments to grow and this may become the main drivers for the economy. 2014 will also be marked by our preparations for euro adoption and we will be an active player in this process,” Grigienė continued.

Loans and deposits

Lending volumes increased by three per cent in 2013 year-on-year and in total, the loan portfolio amounted to LTL 13.9 billion. The increase is attributable to both the corporate and private segments.

Deposits grew by one per cent in 2013 year-on-year. An increase in private deposits by four per cent was offset by a drop of five per cent in corporate deposits. The total 2013 deposit portfolio amounted to LTL 15.0 billion. The gross loan-to-deposit ratio rose to 93 per cent (up from 91 per cent year-on-year).

Credit quality

2013 net recoveries amounted to LTL 69 million compared to LTL 72 million in 2012. Recoveries were mainly generated in the corporate portfolio. Impaired loans, gross, continued to decline throughout the year and amounted to LTL 606 million (LTL 900 million 2012).

Revenues and costs

Total 2013 net interest income remained stable year-on-year amounting to LTL 338 million. Net commission income grew by seven per cent year-on-year and in total amounted to LTL 234 million in 2013. This improvement was driven by mounting customer activity as well as an increasing number of transactions.