According to the preliminary un-audited data AB DNB Bankas, part of Norway's largest financial services group, earned a net profit of LTL 57.1 million in the full year 2013 (LTL 88.4 million in 2012). Net profit of AB DNB Bankas’ group within the period was LTL 45.6 million compared to LTL 80.4 million in the same period the year before. The figures were calculated according to the International Financial Reporting Standards.

“In 2013 we further strengthened our position in all key business areas - our private and corporate loan portfolio outpaced market growth, we extended new mortgage loans worth more than half a billion litas to our customers and over a third of the start-up businesses registered in Lithuania last year chose DNB as their home bank. Our deposit portfolio has been growing by one million litas a day on average last year and the loan losses were minimal. Therefore our financial result for the period was better than planned. The profit level has been affected by higher expenses related to the upgrade of the bank’s core IT systems and lower lending income due to the low rate environment. Looking ahead we feel positive to see the economic environment providing us solid foothold for the sustainable and balanced growth this year as well,” Bjornar Lund, the president and the chairman of the management board of AB DNB Bankas, said.

In the full year 2013 the assets of AB DNB Bankas’ group rose 3.9 percent to LTL 12.0 billion as of 31 December 2013.

In 2013 AB DNB Bankas signed new credit contracts worth LTL 2.4 billion, LTL 273 million more compared to the previous year. As a result the group’s net loan portfolio rose 4.3 percent year-on-year to LTL 8.9 billion. The loan portfolio to individuals rose 4.1 percent year-on-year while the loan portfolio to legal entities increased 4.4 percent within the period.

With a number of customers increasing, AB DNB Bankas’ deposit portfolio rose 6.3 percent year-on-year to LTL 6.3 billion as at the end of 2013. This resulted from the growth in the number of individual and corporate customers that rose by 49.4 thousand over the year. This factor also contributed positively to the group’s non-lending income growth.

The net income of AB DNB Bankas’ group was LTL 364.1 million in the full year 2013. The largest relative weight – 58.5 percent – of the operating income fell on the net interest income. As the market rates remained at record lows, the net interest income in the full year 2013 was 11.8 percent lower compared to the same period the year before. The net commission income for the services rendered to customers rose by 16.8 percent within the same period.

The operating and other expenses of AB DNB Bankas’ group made LTL 312.0 million in the full year 2013. They increased by LTL 56.8 million compared to the same period the year before, LTL 50.8 million of it were related to the upgrades of the bank‘s core information systems. The investment provides solid technological foothold for sustainable growth of the bank in the long-term perspective. Looking forward it is estimated that the level of the operating expenses in 2014 will be affected by undertakings to get ready AB DNB Bankas  group for introduction of euro as national currency in Lithuania and the planned further investments into development of multi-channel customer service network as well as its higher functionality and availability.

With the economy returning to the sustained growth path the customer risks declined further. In 2013 AB DNB Bankas’ group set aside LTL 2.1 million for special provisions compared to LTL 43.1 million allocated for the purpose in the same period the year before. Due to proper risk management practices AB DNB Bankas’ group met all the prudential requirements of the Bank of Lithuania.

The latest survey carried out by EPSI Baltic Research Company in all three Baltic countries showed that DNB customer service quality continued to be among the top in the sector in the reporting year. AB DNB Bankas’ group that cherishes long-term relationships, has also met all of its obligations to its social partners including the sponsorship for the national men‘s basketball team for the 11th year running, demonstrating that it is a reliable partner both in business and the community life.

Please check the Norway’s DNB bank operating results for 2013 on www.dnb.no.

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