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Banks in Lithuania saw their H1 profit plunge 2.5 times to EUR 515 mln – central bank

Banks operating in Lithuania earned 515 million euros in combined profit in the first half of this year, 2.5 times less than in the same period last year (203 million euros), the central Bank of Lithuania reported on Thursday.

The banking sector continued to record unusually high profitability and has already paid its first solidarity levy, 56 million euros, into the budget. Current deposits shrank in line with rising interest rates, while fixed-term deposits increased, and the loan portfolio was boosted by loans to residents.

“Banks’ profit indicators are in line with the Bank of Lithuania’s estimates. (…) The sector continues to be well-capitalized and liquid,” Simonas Krepsta, a board member of the Bank of Lithuania, said in a statement.

Banks’ combined assets rose 13.3 percent to 56.749billion euros over a year.

Net interest income tripled to 1.1 billion euros and has been growing for the past three consecutive quarters.

In lat June, banks had 46.698 billion euros in deposits, up 17.4 percent from last. Resident deposits amounted to 29.387 billion euros, up 17.7 percent.

The combined loan portfolio was valued at 26.573 billion euros in late June, 9.8 percent more from the same period last year.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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