SEB Bank Group’s in Lithuania Result in Q1 2016

According to preliminary data, unaudited net profit earned by AB SEB bankas over Q1 2016 was EUR 12.5 million, and that earned by the AB SEB bankas Group was EUR 11.3 million. The result has been calculated in line with the requirements laid down in the documents of the Bank of Lithuania and in legal acts of the Republic of Lithuania. Unaudited net profit earned by AB SEB bankas over Q1 2015 was EUR 18.4 million, and that earned by the AB SEB bankas Group was EUR 18.2 million.

Comment by Raimondas Kvedaras, CEO of SEB in Lithuania:

“At the beginning of 2016, the country’s economy was characterised by well-balanced development - strong growth both in industrial production and in the domestic market, and the ongoing focused redirection of exports is encouraging as regards the current-year performance.

The bank’s credit portfolio, stimulated by improved sentiment among businesses and the population as well due to low interest rates, has maintained its growth trend: over Q1 2016, an increase in net worth of the AB SEB bankas Group’s credit and leasing portfolio was 6 per cent. The bank's income is under the negative impact of the still prevailing negative interest rate environment, however, its effect has been partly outweighed by growth in the bank's credit portfolio – over Q1 2016, an increase in net interest income was 7 per cent.  

At the beginning of the year private individuals remained active in obtaining mortgage loans – in Q1 2016, an increase in our new mortgage loans was 43 per cent year on year. In Q1, as a result of higher pro-activity of businesses investing in their development and in new projects as well as support from the European Union Structural Funds, there was a 53 per cent increase in the volume of new loans issued to small and medium enterprises.

In Q1 2016, in response to our customer needs and seeking to improve our customer service, we included new services in our offering, for instance, in cooperation with our partners we have offered our customers a possibility to obtain insurance for residential property they intent to buy or the one they already have, also, maintained particular focus on simplicity of our services, for instance, for customer convenience we have significantly shortened and simplified a part of our service agreements.

There has been a clear tendency that customers manage their daily finance on their own and by means of remote access, therefore, the number of the Internet Bank users continues growing, the number of such customer visits to the bank branches for handling their daily finances is decreasing, while the number of payments by card is increasing.

In Q1 2016, the bank further consistently pursued its strategy to be the best financial adviser to both private individual and corporate customers.  

AB SEB bankas Group: Key data