Information on Financial statements for the twelve month period as at 31st of December of 2020
Medicinos Bankas reported net profit of EUR 3.6 million in 2020
Medicinos Bankas closed the first year of the coronavirus pandemic with a positive result. Based on the preliminary unaudited financial information, last year, the bank reached a net profit of EUR 3.6 million, whereas the Group reported a net profit of EUR 3.8 million, a decrease of 10 percent and 0.3 percent, respectively, when compared to the prior year.
The bank has been successful in addressing the unprecedented challenges, claims Dalia Klišauskienė, Head of the Administration at Medicinos Bankas.
“After the global financial crisis of 2008 more than a decade ago, the COVID-19 pandemic became a real stress test to us. The unprecedented situation has allowed us and the entire banking industry to test our resistance to extraordinary situations and we have succeeded in this,” the Head of the Administration at Medicinos Bankas said.
The deposit portfolio of Medicinos Bankas increased by 10 percent (EUR 31.6 million) to EUR 343 million in 2020. The net loan portfolio (including loans to financial institutions) amounted to EUR 200 million. Since the beginning of the year, the net loan portfolio shrank by EUR 3.9 million.
The assets of Medicinos Bankas reached EUR 389.5 million at the end of the year, representing an annual increase of 9 percent or EUR 33 million. The bank’s total shareholder equity increased by 10 percent (EUR 3.6 million) to EUR 38.2 million over the reference period.
“Coronavirus succeeded in bringing our lives to a halt over and over again in 2020. Both businesses and general public faced lockdowns and restrictions. In light of all this, we stood together with our clients offering them different kinds of assistance: we offered them moratoriums on loans and on other obligations and created opportunities for them to use other financial instruments. We are continuing along this path this year and we hope that Lithuania and the world will be able to enter a less challenging phase of the pandemic,” Mrs. Klišauskienė said.
Under quarantine restrictions, the operating revenue of Medicinos Bankas dropped by 2.1 percent to EUR 18.9 million.
If we include the audited profit earned in the period of nine months last year, the bank’s capital adequacy ratio, at the end of the year, reached 19.81 percent.
The main shareholder of the bank Konstantinas Karosas owns a controlling interest of 90.13 percent of the shares of Medicinos Bankas, while Western Petroleum Ltd holds 9.87 percent of all shares of the bank. Medicinos Bankas Group owns Saugus Kreditas UAB and TG Invest-1 UAB.
More information: Aleksejus Tonkich, Member of the Board, Director of the Financial Service, Deputy Head of Administration Phone: + 370 698 34055, email: aleksejus.tonkich@medbank.lt
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