Mano bankas increased its loan portfolio by 95% in Q3 2022
2022 November 10
In the first three quarters of 2022, Mano bankas earned a profit of EUR 1.3 million, 89% more than over the same period last year (EUR 693 thousand). Operating income grew by 46% and reached EUR 5.3 million, whereas the Bank's assets increased by 87% and reached EUR 194.7 million. In the comparative period, the Bank's loan portfolio grew by 95% to EUR 88.3 million. During the first three quarters of this year, the net interest income of Mano bankas increased by 40%, to EUR 3.4 million, while net fee and commission income rose by 36% to EUR 1.8 million.
Priority to financing of sustainable projects
Giedrė Blazgienė, CEO of Mano bankas, says that the use of guarantees of the European Investment Fund (EIF) has had the greatest impact on the growth. Under the first loan guarantee agreement signed at the end of last year, Mano bankas provided its customers with new loans worth EUR 50 million on more favourable terms. The Bank continues its cooperation with the EIF – on 18 October this year, it was the first in Lithuania to sign another agreement under the InvestEU programme for more than EUR 40 million of new loans guaranteed by the EIF for small and medium-sized businesses.
EIF-guaranteed loans have been provided to companies in various sectors, including solar and wind farms, upgrading of production equipment, and construction of a new sports complex in Klaipėda, Go Tennis.
“Mano bankas consistently focuses on financing small and medium-sized companies, which account for more than 95% of all companies operating in Lithuania. We are excited to be the first in Lithuania to launch the InvestEU programme, which aims to stimulate additional investment in sustainability projects, innovation and job creation. Sustainable activities of the Bank and financing of sustainable projects continue to be among our top priorities”, says G. Blazgienė.
Return on assets rising, cost/income ratio falling
According to the head of the bank, Mano bankas will continue to focus on the efficiency of performance indicators. According to the bank's performance in Q3 of this year, the return on assets was 1.15%, compared to 0.89% a year ago. The return on equity reached 18.43%, compared to 9.69% in the same period last year, while the cost/income ratio dropped to 71.6%, down from 74.52% last year.