SEB Lithuania's Q1 profit edges down by 2% to €74.2mn

By bne IntelliNews April 29, 2024

SEB, one of Lithuania's largest banks by assets, earned a non-audited net profit of €74.2mn in January-March, down by 2% from the same period last year, BNS, a Baltic newswire, reported on April 26.

Revenue rose 22.5% to €148mn, and net interest income went up by 26.3% to €120.4mn, the bank said on Wednesday, 24 April.

"The population's growing purchasing power and businesses' increased focus on investment had a positive impact on economic activity, which was also supported by SEB Bank's growing lending volumes. Inflation approaching zero and rising wages increased the share of funds allocated to savings and investments," the bank's CEO, Sonata Gutauskaite-Bubneliene, said in a statement.

The bank's total deposit portfolio stood at €11.5bn, up by 5.5%. The net loan and leasing portfolio totalled €7bn in late March, up by 6.1%. 

SEB's assets grew by 7% year on year to €13.8bn, BNS said.

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