The careful approach has helped the bank to maintain shareholder returns, with return on equity rising to 29.5% in 2007, from 21.1% in 2006, on the back of a 77% rise in profits, to LLt508m (€148.8m). The outsourcing of IT development and support has kept costs down, while 26 real estate properties were sold for a profit of LLt86.6m in 2007.
“This award means that we have successfully implemented our business ideas to fit best expectations of our customers, employees, shareholders and the society in times of rapidly increasing turbulence in global financial markets,” says Audrius Ziugzda, CEO of SEB Lithuania.
Mr Ziugzda also notes the bank’s “special focus on customer satisfaction”, and in this context, SEB introduced a wide range of online retail products over the past 18 months, including participation in the Single Euro Payments Area (SEPA), electronic global equity trading and purchasing of equity-linked notes, together with weekend transactions. These initiatives drove internet transactions 22.5% higher for 2007.
Our judges also included a special mention for AB DnB Nord Bankas, which saw profits grow by an eye-catching 114% in 2007, and took the lead in Lithuania’s structured products market, with a 39% market share.
