Lithuanian SEB bank's net profit doubles to €230mn

By bne IntelliNews October 26, 2023

SEB Bank, one of Lithuania's largest banks, posted an unaudited net profit of €229.8 million for the first nine months of this year, double last year (€113.8 million), BNS, a Lithuanian newswire, reported on October 25.

"The bank's financial results were mainly affected by rising interest rates due to the ECB's monetary policy and a growing loan portfolio. The bank's revenue for the period stood at €408.1 million, with the majority of it – 68% - coming from corporate clients," SEB Bank CEO Sonata Gutauskaite-Bubneliene said in a statement.

SEB Bank will pay €51.4 million in solidarity levy to the state for the nine months.

The net value of SEB's loan and leasing portfolio stood at €6.9 billion at the end of September, compared to €6.6 billion a year earlier.

The bank's total deposit portfolio stood at €10.9 billion at the end of September, compared to €10 billion a year earlier. 

SEB's assets were valued at €12.7 billion at the end of September, from €12 billion a year ago, and equity stood at €1.147 billion (€943 million), BNS said.

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