The first half of the year was successful for Medicinos Bankas: the profits grew by almost one third
In the first six months of this year, Medicinos Bankas earned EUR 2 million in net profit, i.e. almost a third (31%) more than in January-June last year, when the bank’s net profit amounted to EUR 1.6 million. In the first half of the year, the reduced anxiety about the future helped maintain the growth: more active use of financial services by both business and private individuals was observed.
“Despite the projected rise of the pandemic in autumn, we see a number of positive signs, which show that consumers are feeling rather optimistic. The economy withstood the shock of the pandemic and the financial activity of businesses and individuals is higher than last year. This is a result of both the reopening of activities after a strict lockdown and practical adaptation to the new reality. Consumption continues to grow and businesses are resuming their development plans. The activity in the financial sector shows that businesses and consumers trust the economy,” said Dalia Klišauskienė, Head of Administration of Medicinos Bankas.
The loan portfolio of Medicinos Bankas grew by 4.9% in the first half of this year and reached EUR 210 million.
According to Ms. Klišauskienė, rather cheap loans remain one of the most attractive sources for financing business activity or consumption.
“Lending to businesses and individuals has regained steady growth after a brief halt in 2020. Regardless of growing numbers of alternative sources of funding, banks remain the main providers of credit. In the first half of the year, we saw a greater need for external financing of small and medium businesses than last year,” said Ms. Klišauskienė.
In the first half of this year, net income of Medicinos Bankas from service fees and commission decreased by 10.1% or by EUR 0.3 million to EUR 2.3 million, and revenue from foreign exchange trading decreased by 3.7% or by EUR 0.1 million to EUR 1.9 million. The bank’s net income from interest grew by 4.5 per cent or EUR 0.2 million and stood at EUR 4.8.
At the end of the first six months this year, bank’s obligations to clients amounted to EUR 332 million and were 6.8 per cent higher than on 30 June last year (311 million).
The assets of Medicinos Bankas amounted to EUR 383 million at the end of the first half of 2021 and was 7.1% higher than a year ago (EUR 357 million).
The equity of the bank’s shareholders increased by 5.3 per cent over the year and reached EUR 40.2 million, while a year ago it stood at EUR 36.1 million.
At the end of June this year, customer service network consisted of 43 territorial divisions with 306 employees.
Konstantinas Karosas, the main shareholder of the bank, owns the controlling package of 90.13% of shares and Western Petroleum Ltd owns 9.87% of shares in the bank. The group of Medicinos Bankas includes Saugus Kreditas UAB and TG Invest-1 UAB.
For more information, please contact: Aleksejus Tonkich, Member of the Board, Director of Financial Service, Deputy Head of Administration, tel. + 370 698 34055, email: firstname.lastname@example.org