OREANDA-NEWS. February 21, 2012. In 2011, the pre-tax profit of Danske Bank in Lithuania from banking activities, including leasing services provided by the subsidiary UAB Danske Lizingas, totalled LTL 72 million. In 2010, the profit before tax from banking activities was LTL 2 million, reported the press-centre of Danske Bankas.

In 2011, the pre-tax profit of Danske Bank A/S Lithuania Branch was LTL 78 million (in 2010, this figure was LTL 4 million).

‘The results of the bank for 2011 reflect our focussed operating strategy that we have been implementing throughout the year. It was a year when the Lithuanian economy gained stability and resumed rapid growth after the crisis. This year economic growth will slow down, however. The situation in the eurozone remains tense, which will certainly influence the economic situation in Lithuania, which is highly dependant on export markets. It is likely that the Lithuanian export structure, which is fairly properly diversified, will enable us to avoid recession, which in turn will be beneficial for banking sector activities’, Gintautas Galvanauskas, director general of Danske Bankas Lithuania Branch, said.

Last year, the deposit portfolio decreased 19% and the loan portfolio decreased 11% compared to 2010. On 31 December 2011, the loan-to-deposit ratio was 64%. Although in 2011 the loan portfolio shrank, its quality improved: LTL 35 million of provisions for loans and off-balance sheet items were restored.

On 30 November 2011, the share of Danske Bankas in the loan market equalled 7.0%.