Swedbank Lithuania's Q1 net profit down 15% y/y to €84mn, revenue up 25%

By bne IntelliNews April 29, 2024

Swedbank Lithuania, one of the country's largest Scandinavian banks, said that its first-quarter net profit fell by 15.2% year on year to €84mn, BNS, a Baltic newswire, reported on April 26.

The bank's total income for the three months jumped by 25.6% to €206mn. Net interest income surged by 31.7% to €166mn, and net commission income remained unchanged at €30mn.  

"Despite persisting uncertain external circumstances, demand for business and household financing remains high," Swedbank Lithuania CEO Inga Skisaker said in a statement.

"The business loan portfolio continued to grow in the first quarter of this year," she added.  

Swedbank's total loan portfolio in the first quarter amounted to €15.1bn, up by 5% y/y, and its overall deposit portfolio stood at €15bn, up by 4.2%.

The bank's assets totalled €18.3bn in late March, up by 5.2% y/y, BNS said.

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