Urbo Bankas Reports Q1 2024 Financial Performance
![Urbo Bankas Reports Q1 2024 Financial Performance](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
Urbo Bankas Q1 2024 Financial Overview
Urbo Bankas UAB (hereinafter - “the Bank”), company code 112027077, address: Konstitucijos pr. 18B, Vilnius, has provided updates regarding its financial performance for the first quarter of 2024. The recent reports indicate significant changes and strategic growth focusing on the bank's financial health.
Key Financial Metrics
According to Urbo Bankas, it generated a net profit of EUR 2.2 million in the first quarter of 2024. This figure represents a decrease of 21% compared to the first quarter of the previous year, showcasing the impact of evolving market conditions and investment strategies focused on enhancing the bank's identity.
Loan and Deposit Growth
In spite of the net profit decline, Urbo Bankas successfully expanded its loan and deposit portfolios. The loan portfolio increased by an impressive 22.28%, reaching EUR 329 million within the last year. Similarly, deposit volumes surged by 40.58%, totaling EUR 488.7 million. This growth illustrates the bank's ongoing efforts to capture market share and strengthen its customer base.
Net Interest Income and Asset Growth
Urbo Bankas also reported a 17.6% rise in net interest income, achieving EUR 5.4 million compared to the same period last year. Additionally, the bank's total assets experienced substantial growth, amounting to EUR 577 million by the end of March 2024, which is a significant increase of 36.1% from EUR 424 million a year earlier.
Income from Services and Foreign Currency Operations
Although Urbo Bankas has made advancements, other areas have seen decreases. The bank's net service fee and commission income fell to EUR 1 million, a reduction of 26.7% from the previous year due to a strategic reduction of non-core activities and optimization of branch networks. Furthermore, the revenue generated from foreign currency operations declined by 40.3%, down to EUR 0.5 million, attributed to the shrinking currency market in Lithuania.
Equity and Workforce
Despite some setbacks, Urbo Bankas has reported encouraging growth in shareholders’ equity, which escalated by 14.9% over the past year. By March 31, 2024, equity amounted to EUR 58.4 million, compared to EUR 50.9 million during the same time last year. The bank also reported having 284 employees and a customer service network comprising 26 branches dedicated to serving its clientele.
Contact Information
For more information, please contact: Julius Ivaška, Head of Business Division, tel. +370 601 04 453, e-mail media@urbo.lt
Frequently Asked Questions
What were Urbo Bankas' net profits for Q1 2024?
Urbo Bankas reported net profits of EUR 2.2 million for Q1 2024.
How much did Urbo Bankas' loan portfolio grow?
The loan portfolio grew by 22.28%, reaching EUR 329 million in the last 12 months.
What was the increase in Urbo Bankas' total assets?
The total assets of Urbo Bankas rose to EUR 577 million, up 36.1% compared to the previous year.
How did the net service fee income change?
The net service fee and commission income decreased by 26.7% to EUR 1 million compared to the previous year.
What is the current equity of Urbo Bankas?
The shareholders’ equity of Urbo Bankas is EUR 58.4 million, reflecting a 14.9% increase over the past year.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- QuantaSing Group to Announce 2024 Financial Results Soon
- Novaturas Reports 2024 Half-Year Financial Performance
- PCI Biotech's First Half 2024 Results Presentation Announcement
- Awilco Drilling PLC Reports Strong Half-Year Results
- Hofseth Biocare ASA Reports Strong Q2 and Half-Year Growth
- Equinor ASA Announces Dividend for First Quarter 2024
- Vistin Pharma ASA Reports Strong Q2 2024 Financial Results
- Stockwik Reports Strong Second Quarter Growth
- VGP's Impressive Half Year Results for 2024
- BW Offshore Announces Q2 2024 Presentation Details