During the first quarter of 2011 the Lithuanian branch of Swedbank posted a net profit of 170 million litas (49 million euros).
The profit was sustained by growth in Lithuania which saw improvements in the finances of ordinary Lithuanians as well as an increase in operational efficiency for the bank, Swedbank said.
During the same quarter of 2010 the bank suffered losses of 67 million litas.
"The bank's first-quarter profit will gradually absorb the losses from last year," Swedbank Lithuania head Antanas Danys said. According to him, the improvement in Lithuania's economic growth forecast allows for optimism in future.
Gross lending for the bank continues to fall, with the bank handing out 7.6 percent fewer loans than last year. Loans given to business customers decreased most.
The volume of deposits remained relatively steady year on year, decreasing 0.2 percent. The bank made up 23 percent of the mortgage market during the quarter.
Rašyti komentarą