DNB Lithuania results for the first quarter of 2015

DNB Lithuania’s, part of Norway's largest financial services group, profit after taxes in the first three months of the year came at EUR 4.28 million compared to EUR 4.35 million in the same period the year before. The results are unaudited and calculated in accordance with the International Financial Reporting Standards.

"The beginning of this year was exceptional because of the euro introduction into our daily life. During this very important stage in Lithuania‘s history we allocated part of our resources for gratuitous services and naturally received less income from currency exchange and other transactions. Moreover, interest income was reduced by negative base interest rates. Despite these challenges, during the first three months of this year we continued to grow our business volumes compared with the same period last year; we reduced costs and earned the same amount of profit,” said Bjornar Lund, the president and the chairman of the management board of AB DNB Bankas, commenting of the results for the first quarter of 2015.

As of the end of March DNB Lithuania had extended credits to individual and corporate customers worth EUR 2.7 billion, i.e. its net loan portfolio rose 5.5 percent year-on-year. The rise was determined by increasing financing volumes to both legal entities and household customers that rose respectively 7.1 and 3.9 percent year-on-year.

The deposit portfolio of DNB Lithuania rose 17.6 percent year-on-year to EUR 2.15 billion reflecting the increasing number of customers and their funds on bank accounts. The number of customers increased 2 percent year-on-year. As of the end of March, the Group was providing comprehensive range of financial services to 847 thousand individual and corporate customers.

The net interest income of DNB Lithuania was EUR 15.62 million in the first three months of the year compared to EUR 15.72 million in the corresponding period a year ago. DNB Lithuania’s net commission income was EUR 5.92 million compared to EUR 6.75 million in the corresponding period a year ago.

DNB Lithuania’s operating and other expenses made EUR 18 million in the first three months of 2015. Due to consistent focus on operating efficiency they were 11.7 percent lower compared to the corresponding period a year ago.

The Group’s assets increased 19.6 percent year-on-year and as of the end of March amounted to EUR 4.17 billion.

Due to proper risk management the bank met all prudential requirements of the Bank of Lithuania.

Norway’s DNB financial group's operating results of Q1 2015 are available on www.dnb.no.

Information about DNB Lithuania’s six months results are scheduled to be released on 10^th of July.