OREANDA-NEWS. July 19, 2010. According to preliminary data, unaudited net loss suffered over the first half-year of 2010 by SEB Bank is LTL 77.0 million (EUR 22.3 million) and by SEB Bank Group – LTL 160.9 million (EUR 46.6 million). The result has been calculated in accordance with the requirements set by the acts of the Bank of Lithuania and legal acts of the Republic of Lithuania. Over the first half-year of 2009, audited net loss suffered by the Bank totalled LTL 168.5 million (EUR 48,8 million) and by the Group – LTL 224,9 million (EUR 65,1 million), reported the press-centre of SEB Bank.
 
The result of the first half-year of 2010 of the SEB Bank includes sale profit resulting from transfer of shares of the Bank’s subsidiary companies SEB Gyvybes Draudimas and Litectus to SEB Group concluded in the first quarter of 2010. The result of the first half-year of 2010 of the SEB Bank Group includes the result of Litectus in January and February; the result of SEB Gyvybes Draudimas is not included.

Comment by Raimondas Kvedaras, President of SEB Bank:
The first half of 2010 was a stabilization period for the Lithuanian economy and it is confirmed by the Bank‘s half year result. During the second quarter the bank made fewer of provisions as compared to the first quarter. Although provisions still have a negative effect on overall result of the Bank, the income of the Group is stabilizing and operational effectiveness is increasing.

Over the coming quarters the Lithuanian banking system should witness a gradual recovery. However, cautious optimism about Lithuania's economic recovery is hindered by several reasons, i.e. the continued deterioration of households’ financial situation and complicated position of most domestic-oriented companies. Further recovery of Lithuania‘s economy will depend to a large extent on development of export markets and the situation on global financial markets.

One of the key priorities of the Bank is to help its customers to survive the economic downturn. The Bank will continue to search for the best solutions with a special focus on aiding those clients, who face problems paying their mortgages for their first family home.

The Bank will continue to keep its focus on increasing operational income while carefully assessing credit risk. The Bank will further search for new perspective business projects and finance its private clients looking for new housing.