H1 2016 Operating Results of DNB Bank Group in Lithuania

During the first half year of 2016 income before taxes and impairment of the group of DNB Bank in Lithuania, as a part of the biggest financial services group of companies in Norway, reached EUR 26 million. This is twice more than at the same period in 2015, when EBITDA equalled to EUR 13 million. The bank's net profit in the first six months of 2016 amounted to EUR 14 million (last year it reached EUR 6.2 million). This is an unaudited result, calculated in accordance with International Financial Reporting Standards.

‘The first half of the year was full of challenges for both the market and within the organization. In order to better adapt to the needs of modern society, we have re-organized our client service structure and made additional investments to create new solutions for the clients. At the same time we were actively preparing for moving to the new headquarters of the bank. I am glad that during this active period we were able to ensure the success of the bank's business and to lay a firm foundation for the future growth’, says the President and Chairman of the Board of DNB Bank in Lithuania Bjornar Lund.
 
By the end of June 2016 DNB Bank in Lithuania had granted EUR 2.8 billion of loans to private and business customers in Lithuania. This means that the net loan portfolio increased by 3.4% if compared to the same period in 2015. The main reason for this was an increase in household financing, which grew by 7% if compared to the same period last year.
 
The deposit portfolio of DNB Bank in Lithuania grew by 4.8% to EUR 2.3 billion. Net interest income for DNB Bank in Lithuania in H1 2016 equaled EUR 34 million – an increase from EUR 31 million in H1 2015. Income from service fees and commission increased from EUR 12.2 million in H1 2015 to EUR 14 million in H1 2016. Operating costs of DNB Bank in Lithuania reached EUR 34 million in H1 2016 -  it’s 5% less than in H1 2015.
 
The bank is implementing all of the prudential requirements set out by the Bank of Lithuania while following proper risk management policy.
 
The H1 2016 financial results of Norwegian DNB financial service group can be found in www.dnb.no.
 
The information about DNB Bank Group’s H1 2016 financial results in Lithuania is set to be disclosed on 27th October 2016.