Medicinos Bankas UAB - Interim information

Information on Financial statements for the nine month period as at 30th of September of 2019

Vilnius, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Medicinos Bankas maintained a rapid growth rate over nine months

In the nine months of this year, Medicinos Bankas Group earned EUR 2.63 million in net profit, i.e. 1.7 times more than in January–September last year, when it was EUR 1.57 million. Net profit of Medicinos Bankas alone increased 1.6 times to EUR 2.55 million. According to the Head of Administration of the Bank, the rapid growth of financial indicators this year was maintained by focusing on development of e-lending services, maintaining a large network of physical points of service and expanding the scope of lending to small and medium businesses.

Year on year, net income of the Bank from service fees and commission grew by 31 per cent (EUR 1.1 million) and reached EUR 4.8 million. The Bank’s net income from interest increased by 14 percent (EUR 0.8 million) to EUR 6.3 million, while income from foreign exchange trading increased by 5 per cent (EUR 0.2 million) to EUR 3.7 million.

“While other banks in Lithuania are optimising their customer service network and ceasing cash operations, we follow a different strategy. Focusing on customer convenience and respecting their habits, we develop online services as well as staying available in physical bank branches, which also attracts customers,” said Dalia Klišauskienė, Head of Administration of Medicinos Bankas.

According to Ms. Klišauskienė, Medicinos Bankas does not intend to change this strategy in the near future.

Lending has also been successful for Medicinos Bankas this year. In January–September of this year, the portfolio of issued loans grew by 21 per cent and reached EUR 206 million. According to Ms. Klišauskienė, the third quarter of the year saw a particular increase in the need for financing among small and medium businesses.

On 30 September, the assets of Medicinos Bankas stood at EUR 348 million, which was 6 per cent more than at the end of 2018. Meanwhile, Bank’s liabilities to customers were EUR 300 million, i.e. 3 per cent more than one year ago.

The equity of Bank’s shareholders increased by 8 per cent from the beginning of the year and reached EUR 33 million (EUR 31 million at the end of 2018).

Konstantinas Karosas holds 89.91 per cent, Western Petroleum Ltd holds 9.87 per cent, and an entrepreneur Vytenis Rasutis holds 0.22 per cent of Medicinos Bankas shares.

Attachment

• MB_Financial statements EN 2019-09-30

         More information: Director of Accounting and Reporting Department, Chief Accountant of Medicinos Bankas Aleksėjus Tonkich.
         Phone + 370 698 34055, E-mail: aleksejus.tonkich@medbank.lt

Attachments:

MB_Financial statements EN 2019-09-30.pdf