Over the first quarter of this year, Medicinos Bankas earned net profit of 0.72 million euros, i.e. 11 per cent less than over the previous January–March, when net profit was 0.81 million euros.

“We believe that the result of the first quarter is good. Our coherent strategy to extend the accessibility of services by both traditional and electronic channels paid off. We are following the principles of sustainable and balanced growth, which helped us to effectively distribute the resources and quickly adapt to changes in the economic environment,” said Dalia Klišauskienė, Head of Administration of the bank.

Year on year, net income of Medicinos Bankas from service fees and commission decreased by 3.8 per cent to 1.4 million euros, while income from foreign exchange trading decreased by 30.5 per cent to 0.75 million euros.

Meanwhile the Bank’s income from interest for the first quarter increased by 25.7 per cent (0.5 million euros) and reached 2.35 million euros.

According to Mrs. Klišauskienė, during the first quarter of this year, a minimal (less than one per cent) decrease in borrowing was recorded: in January–March, the loan portfolio of the Bank decreased by 0.7 per cent to 202.5 million euros.

“In view of changes in the economy caused by the spread of COVID-19 and inconveniences caused to our customers by the coronavirus, we already offer the possibility to defer loan repayment for fixed term if this is necessary. We are also considering other possible aids. We seek to ensure the closest possible cooperation with our customers and create a portfolio of viable loans. These will remain our goals in the future,” explained Mrs. Klišauskienė.

On 31 March, this year, the value of assets of Medicinos Bankas was 346 million euros or 2.9 per cent less than at the end of 2019.

Over the first quarter, the Bank’s liabilities to customers decreased by 2.5 per cent to 303.5 million euros. The equity of the Bank’s shareholders grew by 2.1 per cent from the beginning of 2020 and at the end of the first quarter of this year, stood at 35.3 million euros, a change from 34.6 million euros at the end of 2019.

The controlling stake of 89.91 per cent is held by Konstantinas Karosas, Western Petroleum Ltd. holds 9.87 per cent of the Bank’s shares and entrepreneur Vytenis Rasutis – 0.22 per cent of the Bank’s shares.