Urbo Bankas Reports Impressive Profit and Growth Figures

Urbo Bankas Reveals Financial Performance Highlights

Urbo Bankas UAB, a prominent banking institution, reported impressive financial results, reflecting its robust performance in recent months. With a company code of 112027077, the bank's headquarters is located at Konstitucijos pr. 18B in Vilnius.

Profits and Loan Portfolio Growth

The bank achieved a remarkable net profit of EUR 6.5 million in the first three quarters of this year. Throughout this period, the loan portfolio witnessed substantial growth, expanding by 14.6% to reach EUR 364 million. This significant increase underscores the bank's commitment to lending and supporting its clientele.

Asset Growth and Increased Deposits

As of the end of September, the bank's total assets surged to EUR 577 million, indicating a 15.6% rise from the previous year when assets stood at EUR 499 million. This growth in assets is a positive sign of the bank's stability and financial health.

Deposits and Interest Income Rise

Moreover, the amount of deposits held with Urbo Bankas climbed to EUR 489 million, marking a 16.2% increase compared to the same period last year. This growth in deposits reflects the public's trust and confidence in the bank's services. Additionally, net interest income rose significantly by EUR 1.5 million, climbing to EUR 16.7 million, demonstrating solid profitability from lending activities.

Fee and Commission Income Analysis

In contrast to other financial metrics, the bank experienced a dip in net fee and commission income, reporting a decrease of 30.4%, which translates to EUR 1.2 million, bringing the total to EUR 2.7 million for the quarter. This decline was primarily attributed to reduced activity in foreign currency transactions.

Currency Transaction Results

In the third quarter, the net result from foreign currency transactions fell by EUR 0.8 million, which equates to a 30.4% decrease, leading to a total of EUR 1.8 million. This downturn results from a contraction in the Lithuanian currency market, affecting overall trading volumes for the bank.

Shareholders’ Equity and Workforce

On 30 September, Urbo Bankas reported shareholders’ equity reaching EUR 63 million, an encouraging increase of 14.1% from EUR 55 million at the end of September last year. This growth illustrates the increasing value of the bank's equity and the profitability returned to its shareholders.

At the close of the third quarter, the bank employed 285 team members who work to enhance customer service and operational efficiency. Additionally, Urbo Bankas maintains a customer service network comprising 25 territorial branches, effectively ensuring accessibility for its clients.

Contact Information

For further insights about Urbo Bankas's financial performance or services, interested individuals are encouraged to reach out to Julius Ivaška, Head of Business Division. He can be contacted by telephone at +370 601 04 453 or via email at media@urbo.lt.

Frequently Asked Questions

What financial performance did Urbo Bankas report?

Urbo Bankas reported a net profit of EUR 6.5 million for the first three quarters of the year, showcasing strong financial health.

How did the loan portfolio change?

The loan portfolio grew by 14.6%, reaching EUR 364 million, indicating the bank's active lending practices.

What about the bank's assets?

As of September end, Urbo Bankas's assets increased by 15.6%, totaling EUR 577 million, illustrating significant growth over the past year.

Were there any changes in deposits?

Yes, deposits rose to EUR 489 million, a 16.2% increase, reflecting customer trust in the bank.

How did the bank perform regarding foreign currency transactions?

The net result from foreign currency transactions declined by EUR 0.8 million to EUR 1.8 million due to reduced activity in the market.

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