Net profits rose a staggering 93.3% to 288.2m litas (83.5m), assets grew by 40% to 21,160m litas and Tier I capital was up 12.3% to 1186m litas. This led to a significant growth in RoE to 21.05% and, with improved efficiencies, a significant reduction in the cost-income ratio to 42.6% at end-2006 and 35.5% at end-June 2007.
With the introduction of the Secure Mortgage product in May 2006 customer numbers soared, and in the investment field the number of investments in securities, pension funds and life insurance doubled. During the past 18 months, the bank has offered 20 new e-banking services and features, including a WAP-based mobile banking solution, internet-based card and credit applications, online deposits, direct debits and internet FX trading.
Electronic billing is a key focus, especially for payments to customers from SEB companies, allowing payments to be reviewed and payed instantly online. The bank believes this gives it a unique advantage because it is the only bank able to offer electronic bill payments in the country.
The bank has 34.9% of the Lithuanian loan market and 32% of deposits and issued securities, a significant market force.
“The award means that our successfully implemented original business ideas meet the expectations of our customers, employees, the society and shareholders,” says the bank’s president, Audrius Ziugzda. “In recent years, we have put special focus on customer satisfaction and financial performance with our ambition to be the leading financial group in Lithuania. Our results show that we are on the right track in achieving our goals: we are the best service company as we have the highest client satisfaction in the banking market; we are the best employer as we are ranked as the most attractive employer in Lithuania; and we improve our efficiency and see constant growth in the bank’s profitability.”
