Report on the unaudited financial performance of the bank during the first quarter of 2024
2024年5月24日 - 3:00PM
Report on the unaudited financial performance of the bank during
the first quarter of 2024
Urbo bankas UAB (hereinafter - “the Bank”), company code
112027077, address: Konstitucijos pr.18B, Vilnius.
Urbo Bankas, a Lithuanian capital bank, generated a net profit
of EUR 2.2 million in the first quarter of this year. Compared to
January-March last year, the bank’s profit is 21% lower this year.
This change was driven not only by changes in the business
environment, but also by investments in changing the bank’s
identity.
In February this year, the bank changed the name Medicinos
Bankas, which had been used since the bank’s foundation, and became
Urbo Bankas. Marius Arlauskas, Head of Administration, notes that
the final financial results of the first quarter were determined by
several factors.
“Geopolitical and global developments are also significant for
Lithuania, as we are an integral part of the global economy.
Strengthening the Bank’s identity and decisions on network
efficiency and modernization have been costly. We are confident
that the changes and investments made will significantly strengthen
the Bank’s position in the market in the long term and will
contribute to the sustainable growth of the Bank’s results,” says
M. Arlauskas.
This year Urbo continued to successfully grow the bank’s loan
and deposit portfolios. The bank’s loan portfolio grew by 22.28% to
EUR 329 million in the last 12 months, while deposit volumes
increased by 40.58% to EUR 488.7 million.
Net interest income of Urbo increased by 17.6% to EUR 5.4
million in the comparative period.
The Bank’s assets at the end of March 2024 amounted to EUR 577
million and were 36.1% higher than a year earlier (EUR 424
million).
As a result of the reduction of non-core activities and
optimisation of the bank’s network, Urbo’s net service fee and
commission income in the first quarter was EUR 1 million or 26.7%
lower than in the same period last year, while due to the shrinking
of the net currency market in Lithuania, the net profit from
foreign currency operations decreased by 40.3% to EUR 0.5
million.
Shareholders’ equity of Urbo Bankas has increased by 14.9% over
the last 12 months and amounted to EUR 58.4 million on 31 March
this year (at the same time last year: EUR 50.9 million).
With 284 employees at the end of March, Urbo Bankas’ customer
service network consisted of 26 territorial branches.
For more information please contact: Julius Ivaška, Head of
Business Division, tel. +370 601 04 453, e-mail media@urbo.lt
- Unaudited Financial statements EN 2024-03-31