Information on Financial statements for the twelve month period as at 31st of December of 2019
Audited profit of Medicinos Bankas for 2019 - EUR 4 million
Vilnius, March 20, 2020 (GLOBE NEWSWIRE) -- In 2019, Medicinos Bankas UAB generated audited net profit of EUR 3.99 million, i.e. 64 per cent more than in 2018 (EUR 2.44 million). Medicinos Bankas Group earned EUR 3.85 million, i.e. 61 per cent more than a year ago (EUR 2.39 million).
Last year, increase in revenue was observed in all areas of activity: operating income increased by 20 per cent (EUR 3.2 million) and reached EUR 19.3 million.
In 2019, operating costs of the bank increased by 11 per cent or EUR 1.3 million and reached EUR 13.7 million. This increase resulted from an increase of wages and depreciation costs. Costs of impairment of loans and other financial assets decreased by EUR 0.4 million and were EUR 13.7 million.
“The results were essentially affected by the increased volume of the services provided in three strategic areas of the bank’s activity: financing of small and medium businesses, services to private individuals and lending to agricultural entities. In 2019, we have been observing a significant increase of credit demand of small and medium-sized businesses – undertakings were more active in the search for financial instruments for both investment projects and working capital. Our electronic quick credit service for businesses has proven to be successful along with the individual financing solutions tailored to the specific customer,” said Dalia Klišauskienė, Head of Administration of Medicinos Bankas.
At the end of 2019, assets of the bank reached EUR 356 million, i.e. increased by EUR 28 million or 9 per cent. Shareholder’s equity was EUR 34.6 million, i.e. over 2019, it increased by EUR 4 million or 13 per cent. Loan portfolio managed by the bank increased by EUR 34 million or 20 per cent and reached EUR 204 million. Over the year, deposit portfolio managed by the bank increased by EUR 23 million or 8 per cent and reached EUR 301 million.
At the end of 2019, capital adequacy ratio of the bank was 17.63 per cent.
More information: Director of Accounting and Reporting Department, Chief Accountant of Medicinos Bankas Aleksėjus Tonkich. Phone + 370 698 34055, E-mail: email@example.com