According to unaudited data, Medicinos Bankas, a Lithuanian capital bank, earned a net profit of EUR 4.7 million in the first half of this year, which is a 2.6-fold increase compared to January–June of last year (EUR 1.8 million).Marius Arlauskas, Chief Executive Officer of Medicinos Bankas, says that the financial performance in the first half of the year reflects the favourable conditions for the bank’s operations and the growing demand for financial services.

“In the first half of this year, the banking services market responded to the growing demand for financial services. The loan portfolio alone grew by a tenth, while income from service fees and commissions grew by a similar amount. The first half of the year has allowed us to see that the pace of economic activity in Lithuania is not slowing down, despite the signals of an overheating of the economy on a global scale,” says Mr. Arlauskas.

Compared to January–June last year, this year net fee and commission income of Medicinos Bankas increased by 11.6% to EUR 2.7 million, while the net result from foreign currency transactions decreased by 24.1% to EUR 1.7 million.

The Bank’s net interest income increased by 93.6% to EUR 9.7 million this year, mainly as a result of interest rate hikes by the European Central Bank.

The loan portfolio of Medicinos Bankas, which deals with both corporate and private customers, increased by 13.4% to EUR 288.6 million this year.

“We continue to actively finance a wide range of projects, from home-ownership to business development investments. The range of financed objects remains wide, as customers are indeed very active in considering alternative offers, looking for the best opportunities in the market to obtain a loan, lease or refinance their previous loans. The growth of the loan portfolio in the first half of the year shows that the customers’ appetite for loans is not decreasing, but rather increasing,” says the CEO of Medicinos Bankas. 

The assets of Medicinos Bankas at the end of June amounted to EUR 450.5 million and were 11.7% higher than a year earlier (EUR 403.2 million)

The Bank’s liabilities to customers stood at EUR 373.5 million at the end of the first half of this year, i.e., 12.5% higher than at the same time last year. 

Medicinos Bankas’ shareholders’ equity increased by 18.1% to EUR 52.8 million as at 30 June this year (EUR 44.7 million at the end of June last year). 

At the end of June this year, customer service network consisted of 37 territorial divisions with 302 employees.