SEB Lithuania profit soars 74% to €299mn in 2023, up 73.6%

By bne IntelliNews January 26, 2024

SEB, one of Lithuania's largest banks by assets, reported a net profit of €299.1mn for 2023, up 73.6% from €172.3mn in 2022, BNS, a Lithuanian newswire, reported on January 25.

Revenue came in at €557.1mn in 2023, up 79.2% from €310.9mn, with 68% of it coming from corporate clients, the bank said.

"The bank's financial results were mainly driven by the activity of corporate and retail customers, growing business volumes, and higher net interest income due to the European Central Bank's monetary policy," SEB Lithuania CEO Sonata Gutauskaite-Bubneliene said in a press release. 

The bank's net loan and leasing portfolio totaled €7bn in late December 2023, up from €6.7bn a year ago. Its total deposit portfolio stood at €11.6bn, slightly up from €11.3bn.

SEB's assets grew by 4.5% year on year to €13.9bn and equity increased by 21.5% to €1.217bn, BNS said.

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