Urbo bankas UAB (hereinafter the “Bank”), company code 112027077, address: Konstitucijos pr.18B, Vilnius.
Lithuanian-owned bank Urbo Bankas reported a net profit of 2.2 million euros in the first quarter of this year. Compared to January-March last year, the bank's profits this year fell by 21%. This change was caused not only by changes in the business environment, but also by investments to change the bank's identity.
The bank changed its name from Medicinos Bankas, which it had used since its founding, to Urbo Bankas in February this year. Marius Allauskas, head of administration, said several factors determined the bank's final financial results for the first quarter.
“Geopolitical and global developments are also important for Lithuania, since we are an integral part of the global economy. The decisions made to strengthen the bank's identity and to streamline and modernize the network have come at significant costs. We are convinced that the changes and investments made will significantly strengthen the bank's market position in the long term and contribute to the sustainable growth of the bank's performance,” said M. Allauskas.
This year, Urbo has been successful in expanding the bank's loan and deposit portfolio: the bank's loan portfolio increased by 22.28% to €329 million over the past 12 months, while deposits increased by 40.58% to €488.7 million.
Urbo's net interest income increased by 17.6% to €5.4 million in the comparative period.
At the end of March 2024, the bank's assets amounted to €577 million, up 36.1% compared to the same period last year (€424 million).
As a result of the reduction of non-core activities and the optimisation of the banking network, Urbo's net service fee and commission income in the first quarter decreased by EUR 1 million, or 26.7%, year-on-year, while net income from foreign currency activities decreased by 40.3% to EUR 0.5 million due to the contraction of the net currency market in Lithuania.
Urbo Bankas' shareholders' equity increased by 14.9% over the past 12 months, reaching €58.4 million as of March 31 this year (€50.9 million in the same period last year).
As of the end of March, the company had 284 employees and Urbo Bankas' customer service network consisted of 26 local branches.
For further information please contact Julius Ivaška, Division Manager, Tel: +370 601 04 453, E-mail: media@urbo.lt
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