LT: Lithuanian banks net profit down by 43.2% y/y in Q1.

By bne IntelliNews May 4, 2012
Bank operating in Lithuania recorded aggregated net profit of LTL 144.6mn (EUR 41.9mn) in Q1, which indicates a decline of 43.2% y/y. Total assets of the banks declined by 2.3% q/q and stood at LTL 77.1bn. Vitas Vasiliauskas, chairman of the board at the Bank of Lithuania, indicated that in Q1 banks in Lithuania formed higher provisions for bad loans, hence decline in net profit. Net provisions for bad loans effect on the net profit of the banks amounted to negative LTL 63.7mn in Q1. Loans portfolio declined by 0.6% q/q in Q1, down to LTL 53.6bn. Deposits portfolio increased by 0.2% q/q in Q1. Currently, there are 8 commercial banks operating in Lithuania, and 12 representations of foreign banks.
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