Lithuania's Siauliu Bankas boosts Q1 net profit 17% to €22.5mn

By bne IntelliNews April 30, 2024

Lithuania's Siauliu Bankas Group reported €22.5mn in first-quarter net profits, up 17% compared to a year ago, BNS, a Lithuanian newswire, reported on April 29.

The group's net interest income rose by 12% to €39.6mn, and net fee and commission income surged by 40% to €6.5mn. 

"We concluded the first quarter with a new strategy and the successful integration of INVL's asset management and life insurance business, significantly contributing to the growth of net fee and commission income and the bank's overall operating results," Siauliu Bankas CEO Vytautas Sinius said in a statement.

Quarter on quarter, the total loan portfolio increased by 4% to €3.05bn and the deposit portfolio grew by 3% to €3.26bn, BNS said.

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