DNB Lithuania’s, part of Norway's largest financial services group, profit after taxes in the first nine months of 2015 came at EUR 15.8 million compared to EUR 11.5 million in the same period the year before. The results are unaudited and calculated in accordance with the International Financial Reporting Standards.
"This year's uniqueness, which also defines the challenges for Lithuanian banking sector, is the introduction of euro and negative base rate. These factors led to the decreased bank’s earnings. In response to these challenges we managed to increase our operating efficiency and it is encouraging that with significantly lower costs we served more customers, increased loan and deposit portfolios and earned higher profit,” said Bjornar Lund, the president and the chairman of the management board of AB DNB Bankas.
As of the end of September DNB Lithuania had extended credits to individual and corporate customers worth EUR 2.8 billion, i.e. its net loan portfolio rose 2,7 percent year-on-year. The rise was determined by increasing financing volumes to both legal entities and household customers that rose respectively 1.8 and 3.6 percent year-on-year.
The deposit portfolio of DNB Lithuania rose 17.1 percent year-on-year to EUR 2.2 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 September, the Group was providing comprehensive range of financial services to 860 thousand individual and corporate customers.
DNB Lithuania income decreased by EUR 2.5 million year-on-year to EUR 79.2 million. The net interest income of DNB Lithuania was EUR 47.3 million in the first nine months of the year compared to EUR 48.5 million in the corresponding period a year ago and non-interest income was EUR 31.9 million compared to EUR 33.2 million in the corresponding period a year ago.
Bank’s group operating and other expenses made EUR 52.8 million in the first nine months of 2015. Due to consistent focus on operating efficiency they were EUR 10.2 million lower compared to the corresponding period a year ago.
DNB Lithuania set aside EUR 3.7 million for special provisions in the first nine months of this year. Last year during the same period, these costs made EUR 5.1 million.
The Group’s assets increased 9.3 percent year-on-year and as of the end of September amounted to EUR 4 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 for the first nine months of 2015 are available on www.dnb.no.
Information about DNB Lithuania’s result for full year 2015 are scheduled to be released on 4th of February.
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