UKIO BANKAS 2007

[LAIRDY14]

Not sure if this has been posted already or not.

 

Ūkio bankas earned net profit of LTL 82.5 million in 2007

2008 01 25

 

Based on non-audited data, in 2007 Ūkio bankas earned net unconsolidated profit of LTL 82.5 million, which is 74 percent more compared to 2006 (LTL 47.4 million).

 

?The profit of last year was the highest throughout all years of the activity of Ūkio bankas. Year 2007 was exceptional for the Bank in terms of the very successful expansion and fast growth. All of this was the result of continuous and targeted work: we expanded customer service network, improved its quality. It resulted in higher activity of our customers ? they choose our services more often and perform more banking operations?, ? Edita Karpavičienė, Chairwoman of the Board of Ūkio bankas says.

 

During 2007, Ūkio bankas assets grew by LTL 995 million, i. e. 33 percent, and amounted to LTL 4.02 billion on the 31st of December, 2007. Last year Bank?s deposits portfolio increased by 29 percent from LTL 2.12 billion to LTL 2.73 billion. Bank?s loan portfolio in net value increased by 79 percent from LTL 1.32 billion up to LTL 2.36 billion. At the end of 2007, Bank?s capital reached LTL 430 million, which shows an 51 percent increase compared to the year-end 2006.

 

Return on assets (ROA) increased from 1.82 percent in 2006 to 2.34 percent in 2007, and return on equity (ROE) ? from 21.79 to 23.06 percent, respectively.

 

In 2008 Ūkio bankas plans to earn unconsolidated profit of LTL 91.5 million ? i. e. 11 percent more compared to 2007. It is planned that at the end of 2008 Bank?s assets will reach LTL 5.47 billion ? i. e. an 36 percent increase. It is projected that the main sources of the asset growth will be deposits, which will increase by 27 percent up to LTL 3.48 billion, also funds of banks and other financial institutions, which will increase by 29 percent up to LTL 0.9 billion.

 

?This year we plan further to increase the number of our customers and stimulate more active usage of our services. We will also open new client service units in locations that are perspective and convenient for the customers. In addition to that we will expand our services not only in Lithuania, but in foreign countries as well?, ? E. Karpavičienė says.

 

Currently, Ūkio bankas client service network in Lithuania covers 53 territorial subdivisions (12 branches and 41 client service units). Bank plans further branch network expansion in 2008.

 

Audited results of Ūkio bankas and Ūkio bankas Group will be announced on 12 March 2008.

[Mr Quagmire]

if this is correct then FTH !!