Mano Bank assets grew by a third in the first half of 2023

Mano Bank witnessed remarkable growth in its assets during the first half of this year, reaching 217 million EUR. This marks a notable increase of 33.2 percent compared to the same period last year. The bank’s loan portfolio also experienced significant expansion, rising by 21.6 percent, reaching 93.4 million EUR. Moreover, the bank’s general operating income for the first half of 2023 amounted to 6.9 million EUR, showing an impressive growth of 116 percent compared to the same indicator a year ago. Additionally, the unaudited profit reached 2.2 million EUR, reflecting a substantial increase of 2.94 times over the previous year’s figure.

Performance efficiency indicators are among the highest in the market

In the first half of 2023, the bank’s net interest income reached 5.1 million EUR, showing an impressive growth of 148 percent compared to the same period last year. Additionally, the net income from payment business services increased by 45.3 percent, reaching 1.74 million EUR. This substantial growth can be attributed to the increasing number of customers and their financial transactions.

„The return on assets of Mano Bank increased from 1.12 percent to 2.14 percent, return on equity – from 16.49 percent up to 38.79 percent, compared to 2023 in the first half of the year with the same period last year“.

“We give priority attention to the sustainability of the bank’s activities. Our aim is to efficiently manage our own funds and those of financiers and depositors entrusted to us. We are happy that ‘Mano bankas’ performance indicators are currently among the highest in the market,” says Giedrė Blazgienė, CEO of Mano Bank.

Investments toward e-banking and new services

“This year, we focused significantly on investments in infrastructure and new products, with the bank allocating more than 300 thousand EUR to these areas,” says CEO of Mano Bank. “Our primary efforts involved updating our e-banking system and introducing instant payments. Moreover, we innovated by allowing customers to earn interest not only on deposits but also on the balance of money in their current bank accounts. Another notable achievement was our successful participation in one of the ECB’s largest recent initiatives – the updated TARGET2 real-time payment system for market participants. Additionally, the bank has taken the lead in initiating and actively preparing for the payment card publishing project”.

Mano Bank also continues cooperation with the European Investment Fund (EIF) and has signed an agreement with it on loan guarantees for 50 million EUR.

According to G. Blazgienė, Mano Bank is actively involved in the term deposit market, offering one of the highest interest rates available. This year, the bank has successfully attracted depositors from Lithuania, Germany, and other countries. Recently, on July 18, Mano Bank raised its interest rates on 12 and 18-month deposits to 4.15 percent.