DNB Lithuania’s, part of Norway's largest financial services group, profit after taxes in 2015 came at EUR 19.3 million compared to EUR 16.4 million in 2014. The results are unaudited and calculated in accordance with the International Financial Reporting Standards.
“Lithuanian banking sector’s activity this year was defined by two unique events – the introduction of euro and negative base rate. These factors led to the decreased bank’s earnings. I am pleased that in response to these challenges we managed to increase our operating efficiency, grew business volumes and earned higher profit. We believe that the increasing number of clients and healthy growth of the economy will create conditions for sustainable and balanced development of DNB Lithuania,” said Bjornar Lund, the president and the chairman of the management board of AB DNB Bankas.
As of the end of December DNB Lithuania had extended credits to individual and corporate customers worth EUR 2.8 billion, i.e. its net loan portfolio rose 0,7 percent year-on-year. The rise was determined by increasing financing volumes to household customers.
The deposit portfolio of DNB Lithuania rose 11.5 percent year-on-year to EUR 2.3 billion reflecting the increasing number of customers and their funds on bank accounts. The number of customers increased by 17 thousand and at the end of December the Group was providing comprehensive range of financial services to 860 thousand individual and corporate customers.
DNB Lithuania income was EUR 105 million compared to EUR 110.7 million in 2014. The net interest income of DNB Lithuania was EUR 64,7 million in 2015 compared to EUR 65.7 million in a year ago and non-interest income was EUR 40.3 million compared to EUR 44.9 million in 2014.
Bank’s group operating and other expenses made EUR 71.8 million in 2015. Due to consistent focus on operating efficiency they were EUR 14.4 million or 17 percent lower compared to a year ago.
DNB Lithuania set aside EUR 11.5 million for impairment losses in 2015. During 2014, these costs made EUR 5.7 million.
The Group’s assets increased 3.8 percent year-on-year and as of the end of December amounted to EUR 3.9 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 2015 are available on dnb.no.
Information about DNB Lithuania’s result first quarter of 2016 are scheduled to be released on 28th of April.
