Assets of Mano Bank increased by almost one third in the 1st quarter of 2024
The Lithuanian specialised bank Mano Bank became the sixth bank in Lithuania according to the amount of controlled assets in the end of 2023 and increased its assets up to 293 million euro in the first quarter of this year – this number is 32,94 percent higher than in the same period last year. The loan portfolio increased by almost one fourth (24,13%) up to 114,1 million euro, while the size of term deposits increased by 29,08% up to 139,5 million euro, when compared to 108,1 million euro in the analogous period last year.
On 31 January 2024, the authorised capital of the bank was increased up to 222,7 thousand euro and reached 4,949 million euro. The property of the shareholders was growing by 42,75% during this period and reached 16,7 million euro.
According to Mrs Giedrė Blazgienė, CEO of Mano Bank, the bank performance results were affected by general economic situation in our country.
“In the beginning of 2024, the Lithuanian economy had one of the fastest growing speeds among the member States of the European Union. Although the Bank of Lithuania still keeps its conservative approach, but the economists of the country are already making better growth forecasts. With regard to dynamics of this year, the financial markets are expecting changes in monetary policy – the grip of interest rates should be released, leading to bigger optimism in the main Lithuanian export markets, – says Mrs G. Blazgienė. – The Lithuanian industry is recovering after the recession of last year – it was affected by normalisation of prices of energy resources.”
The income from interest of Mano Bank grew by 21,5% in the 1st quarter of 2024 and reached 3,6 million euro, while it amounted to 2,9 million in the same period last year.
“However, due to the pricing of term deposits and demand deposits favourable to the clients, the interest expenses were growing even faster – even by 2,6 times, which resulted in smaller net income from interest than in the same period last year,” – explains CEO of Mano Bank.
The total operating income of Mano Bank reached 3,3 million euro in the 1st quarter of 2024, i.e., 4,6% less than in the 1st quarter of 2023. The net profit in the 1st quarter of 2024 amounted to 827 thousand euro and was 35,7% smaller than in the 1st quarter of 2023 (1,3 million euro) because of higher financing costs and operational expenses.
Mrs G. Blazgienė notes that as the bank was reinforcing its fields of prevention of money laundering and terrorist financing (AMLCTF) and information technologies, as well as the teams of product development and sales, the expenses assigned to the staff in the first quarter of this year were higher by 13,7%. Other operational expenses increased by 55,5%, as the bank was reinforcing internal control, AMLCTF and risk management measures, processes and systems.
Mano Bank is going to pay 11 thousand euro of temporary bank solidarity contribution for the first quarter of 2024 into the state budget.
A novelty that will accelerate banking services was presented
Mano Bank presented a novelty in the first quarter of this year – an account of limited use. This service allows the enterprises to use leasing and credit services in a simplified manner. In case of an account of limited use, it is sufficient to submit a simplified application to open an account, so its opening is faster.
“Many enterprises find the possibility to use leasing and crediting services faster important because offers are often of limited validity in the market. In such cases, Mano Bank grants a possibility for the enterprises to open an account faster and not to miss a favourable opportunity to acquire the needed property. It is especially important for small and medium-sized enterprises as their success is often dependent on the speed of decision making and actions,” – says Mrs G. Blazgienė.
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