LT: Swedbank Lithuania net profit at EUR 171.5mn in 2011.

By bne IntelliNews February 15, 2012
Swedbank group in Lithuania recorded net profit of LTL 592mn (EUR 171.5mn) in 2011, which indicates increase by LTL 554mn y/y, the bank announced. Swedbank bank alone recorded LTL 571.1mn net profit in 2011, up from net loss of LTL 3.6mn in 2010. Antanas Danys, head of Swedbank, indicated that the banks net profit grew due to recovering Lithuanian economy and declining provisions for bad loans. Excluding provisions the groups net profit stood at LTL 330mn in 2011. In Q4 the group recorded LTL 162mn net profit, up by 27% y/y. The groups revenues stood at LTL 711mn in 2011, up by 14.5% y/y. Net interest income stood at LTL 412mn in 2011, up by 17% y/y. Loans portfolio declined by 7% y/y and stood at LTL 13.9bn as of end-November. Deposits portfolio increased by 4% y/y and amounted to LTL 13.0bn.
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