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Photo by Judita Grigelyts (V)
During the nine months of the year, iauli Bank earned 34.2 million LTL. Net profit in euros, 15.6% less than a year ago. The third quarter result grew 4.6% year-on-year.
iauli bankas presented its 9-month results on Friday morning.
[infogram id=”2b140e43-81a6-4b87-9f80-9271aec6d33a” prefix=”RiV” format=”interactive” title=”SAB 2020q3″]iauli bankas increased its net income from salaries.
The bank says it has increased home loans in the last quarter. The housing and consumer finance portfolio grew 6% during the quarter, to 431 million. EUR. Only the home loan portfolio grew 8% during the quarter, to 267 million. EUR.
Although the uncertainty of economic development is holding back investment and development projects, for 9 months the bank was active in the financing market and offered more than 200 million LTL. The new loan agreement has a value of 1,080 million euros and, at the end of the quarter, the portfolio amounted to 1,080 million euros. Eur (2% less than at the end of the second quarter). The banking group’s total loan and lease portfolio grew 1% over the three quarters to LTL 1.74 billion. Eur, the bank indicated in the message.
At the beginning of the year, iauli bankas will make higher provisions than the big banks and has already reserved three-quarters less.
Due to the negative outlook for the country’s economic development, an additional 0.8 million LTL was formed. Provisions in euros for possible impairment losses. Provisions for three quarters amount to 9.1 million. EUR, when the provisions for the first nine months of the year amount to 4.9 million. EUR. At the end of September this year, the risk ratio (CoR) is 0.7% (0.4% at the end of September 2019, respectively), the bank indicated in the report.
Iauli Bankas will increase its revenues faster than its efficiency ratio will improve, and the efficiency ratio will improve from 39.9% to 38.8% in the year.
Iauli Bank’s capital at the end of September amounted to 13.9%, compared to 19.1% at the end of September last year.
At the beginning of the year, due to the risk of a pandemic, iauli Bankas had adjusted its plan, according to which it expected a return on capital of 8% this year.
Taking into account the more moderate impact of the COVID-19 pandemic on the business environment, the dynamics of Lithuania’s macroeconomic indicators, iauli bankas updated the 2020 strategy in September. financial forecasts of operations. According to updated forecasts, the Banking Group’s risk ratio (CoR) will not exceed 0.8% and the annual return on equity (ROE) will reach approximately 12%. Targets for cost / income (C / I), uneven position (NPE), risk management, market share and customer satisfaction remain unchanged, according to a report released by the bank.
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