Yahoo Finance 
Information on Financial statements for the nine month period as at 30th of September of 2021
In nine months, Medicinos Bankas increased its profit by 15 per cent to EUR 3.6 million
According to unaudited information, the efforts of Medicinos Bankas to increase its loan portfolio generated net profit of EUR 3.6 million for the bank over the three quarters of this year, or 15 per cent more than over the same period last year (EUR 3.1 million). Dalia Klišauskienė, Head of Administration of the bank, believes that as the economy continues to grow, development is not only planned by businesses – residents also have more confidence in their financial prospects.
The financial results published by Medicinos Bankas show that over the three quarters of this year, the loan portfolio grew by 7 per cent to EUR 214 million.
“The pandemic still affects different business sectors in different ways, there is still uncertainty as to the measures to manage the pandemic itself and their consequences. Nevertheless, there is no lack of positivity and confidence in the market. The moderate growth in demand for additional financing shows that customers borrow after carefully considering their needs and abilities, which is an indication of mature behaviour,” explains Dalia Klišauskienė, Head of Administration of Medicinos Bankas.
With the growing loan portfolio, the bank’s net income from interest increased by 11.9 per cent to EUR 7.7 million over the three quarters of this year.
According to Mrs. Klišauskienė, after the severe blow on the global economy in 2020, when its growth came to a halt due to the pandemic, this year, the economy is clearly recovering. International experts, furthermore, believe that the positive trajectory should continue next year.
“This without a doubt affects the expectations of the whole market. Businesses are open to workforce, continue investing in development and innovation, consumer savings continue to grow. Despite various challenges, the engine of the economy keeps running, which is a good news,” says Dalia Klišauskienė.
The pandemic had an impact on the demand for banking services as well. Customers receive service only upon prior registration, the number of transactions in foreign currencies has dropped since the volume of travels, including shopping trips to Lithuania, is far from the pre-pandemic level.
Year on year, net income of Medicinos Bankas from service fees and commission decreased by 6.5 per cent to EUR 3.6 million, while income from foreign exchange trading decreased by 4.1 per cent to EUR 3.4 million.
On 30 September, the value of assets of Medicinos Bankas reached EUR 398 million and was 7.5 per cent higher than a year ago (EUR 371 million).
At the end of the third quarter this year, the bank’s obligations to customers amounted to EUR 344 million and were 6.6 per cent higher than at the end of September last year.
This year, the shareholder equity in Medicinos Bankas increased by 10.8 per cent to EUR 42 million (as on 30 September).
The bank has one of the most extensive customer service networks in Lithuania with 42 customer service units. At the end of September, Medicinos Bankas had 296 employees.
The main shareholder of the bank Konstantinas Karosas holds a controlling interest of 90.13 per cent, while Western Petroleum Ltd holds 9.87 per cent of all shares of the bank. The group of Medicinos Bankas includes Saugus Kreditas UAB and TG Invest-1 UAB.
More information: Aleksejus Tonkich, Member of the Board, Director of the Financial Service, Deputy Head of Administration Phone: + 370 698 34055, email: aleksejus.tonkich@medbank.lt
Attachment
