Information on Financial statements for the twelve month period as at 31st of December of 2021

In 2021, Medicinos Bankas reached a record-breaking profit of EUR 4.6 million

2021 was the most profitable year for Medicinos Bankas in its entire history: the bank generated a record-breaking profit. According to preliminary data, which has not yet been verified by auditors, the bank’s net profit reached EUR 4.6 million last year and was 28 per cent or EUR 1 million higher compared to 2020.

According to Dalia Klišauskien?, Head of Administration of Medicinos Bankas, after last year’s uncertainty, when the coronavirus pandemic hit some business sectors particularly hard, the situation became more stable last year.

“From the point of view of the financial sector, last year, we observed certain shifts caused by the pandemic in individual sectors. Some of them are still going through a difficult period, but for others the recent time is just an opportunity to grow, expand, implement planned projects. Therefore, we experienced the growth in the demand for financial services, which was reflected in the results,” says the Head of the Administration of Medicinos Bankas.

According to her, unprecedented aid solutions have also helped to keep viable businesses afloat last year. At the same time, the pandemic is expected to end, and the affected businesses will also gradually recover.

In 2021, net income of Medicinos Bankas from service and commission fees decreased by 3.8 per cent or by EUR 0.2 million to EUR 5 million, and revenue from foreign exchange trading decreased by 4.9 per cent or by EUR 0.2 million to EUR 4.6 million. Meanwhile, net interest income increased by 11 per cent or EUR 1 million to EUR 10.1 million.

In 2021, the bank’s loan portfolio increased by 5.2 per cent and reached EUR 210 million.

According to Mrs. Klišauskien?, the increase in the financing volumes observed last year not only in Lithuania but also worldwide prevented the pessimistic scenarios predicted by experts from coming true.

“While 2020 delivered a serious shock to the global economy, 2021 can already be called the year of recovery. Challenges and problems remain, but it is probably already possible to think that we have adapted successfully to the new reality and learned to live in the conditions dictated by it,” notes the Head of Administration of Medicinos Bankas.

On 31 December 2021, the value of assets of Medicinos Bankas was EUR 408 million, i.e., 4.9 per cent more than a year ago (EUR 390 million).

At the end of the previous year, the bank’s liabilities to customers reached EUR 356 million or 3.8 per cent more compared to the end of December of 2020.

During 2021, the equity of the shareholders of Medicinos Bankas increased by 12.2 per cent and, on 31 December, was EUR 43 million (EUR 38 million a year ago).

The bank has one of the most extensive customer service networks in Lithuania with 31 customer service units. At the end of December 2021, Medicinos Bankas had 296 employees.

The main shareholder of the bank Konstantinas Karosas holds a controlling interest of 90.13 per cent, while Western Petroleum Ltd holds 9.87 per cent of all shares of the bank. The group of Medicinos Bankas includes 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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• Financial statements EN 31-12-2021