OREANDA-NEWS. July 18, 2011. According to preliminary data, unaudited net profit earned over the first half-year of the year 2011 by AB SEB bankas is LTL 199.5 million (EUR 57.8 million) and by AB SEB bankas Group is LTL 356.5 million (EUR 103.2 million), reported the press-centre of SEB Bank.

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 the year 2010, unaudited net loss suffered by AB SEB bankas totalled LTL 77.0 million (EUR 22.3 million) and by the Bank’s Group – LTL 160.9 million (EUR 46.6 million). The result of the fist half-year of the year 2011 of AB SEB bankas includes sale profit resulting from transfer of shares of the Bank’s subsidiary company UAB “SEB Enskilda” to SEB Group.

The result of the first half-year of the year 2011 of the AB SEB bankas Group doesn’t include the result of UAB “SEB Enskilda”.

Comment by Raimondas Kvedaras, President of SEB Bank:
Rapid growth in export development has already revealed its positive impact on the local domestic market by preconditioning, among other things, future growth of employment level, income of private individuals and consumption.

Further step-by-step Lithuanian economy recovery and improving expectations of business and private individuals helped SEB Bank in Lithuania to decrease its provisions for problem loans and to strengthen its performance rates – the bank continued operating at profit, and its business volumes grew. Bank’s proactive policy to give a chance for promising companies recover, which faced serious problems during the economic downturn, has helped to decrease provisions as well – today most of these companies are recovering and are successfully renewing their activities.

Being responsible in assessing the entire business risk, the bank has continued financing various new business needs, issued loans to private individuals, offered new banking services that meet up-to-date customer needs.