Q1 2009 net profit of Ūkio bankas Group amounts to LTL 5.5 million

Q1 2009 net profit of Ūkio bankas Group amounts to LTL 5.5 million
According to unaudited data, in the 1st quarter of 2009 Ūkio bankas Group earned LTL 5.5 million in net profit, which is 70 percent less than during the same period of 2008 when net profit totalled LTL 18.4 million. During the 1st quarter of 2009 Ūkio bankas earned LTL 4.0 million in net profit, showing a 75 percent decrease compared to the same period of 2008 when its net profit amounted to LTL 16.1 million.

“Decrease in the profit earned was predetermined by a decreased net interest margin and lower activity of the clients,” Gintaras Ugianskis, chairman of Ūkio bankas Board, said.

During the 1st quarter of 2009, Ūkio bankas Group’s assets hardly changed and amounted to LTL 4.0 billion at the end of the quarter. During the 1st quarter of 2009, deposits of Ūkio bankas Group clients rose by 1.5 percent and reached LTL 3.0 billion at the end of the quarter, and the portfolio of loans to the clients in the net value increased by 1.4 percent and totalled LTL 2.9 billion at the end of the period. The ratio of special provisions for loans to clients and the loans to clients increased from 3.38 percent to 3.78 percent during the 1st quarter of 2009.

Ūkio bankas owns 100 percent of shares in the companies Ūkio banko lizingas, Ūkio banko investicijų valdymas, Ūkio banko rizikos kapitalo valdymas, and Bonum Publicum. UAB Ūkio banko lizingas owns a 100 percent interest in RAB Ūkio bank lizing.

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