The results of Šiaulių Bankas in 2019 were determined by increasing financing volumes and customer activity

Šiaulių Bankas AB, company code 112025254, address of the head office Tilžės str. 149, Šiauliai, Lithuania.

• Bank Group earned EUR 51.5 million of net profit, return on equity exceeded 17%.
• Recurring activity result grew by 17% over the last year.
• Loan and financial lease portfolio grew rapidly and increased by 21% over the year.
• Deposit portfolio exceeded a EUR 2 billion threshold.
• Trade volume in Šiaulių Bankas shares reached record levels in 2019.
• European Central Bank has become responsible for the direct supervision of Šiaulių Bankas from 1January 2020.
• Šiaulių Bankas maintained its leading position in the best customer service bank survey.

“Financial results are a great reflection of the bank's experience and consistent growth proving that its strategic directions have been chosen correctly. The year was full of challenges and assessments which will also determine the goals of this year: we have become the third largest credit market participant in Lithuania and the European Central Bank has granted us the status of a significant financial institution, therefore, the supervision of Šiaulių Bankas will be subject to the same principles and rules as those applicable to the largest banks in the euro area. We are moving to the next level and - being obviously strong, sustainable and ambitious - we are ready for that” - said Vytautas Sinius, CEO of Šiaulių Bankas.

In 2019, Šiaulių Bankas Group earned an unaudited net profit of EUR 51.5 million. Recurring activity result had been improving steadily for several years in a row and reached EUR 60.9 million in 2019, i.e. 17% more than in 2018, when EUR 52.2 million were earned. Net profit for the fourth quarter of 2019 was EUR 10.9 million and the recurring activity result was EUR 13.8 million.

In a view of increasing lending volumes and low funding costs, net interest income grew by 15 % over the year and reached EUR 72.4 million. High customer activity in using banking services resulted in 18 % growth in net fee and commission income over the year and totalled to EUR 16.7 million at the end of the year. In 2019 the profit from foreign exchange operations also increased significantly - during the year Šiaulių Bankas Group earned EUR 7.9 million which is by 14% more than last year.