SEB Bank Lithuania's first-half profit rises 2% to 149 million euros

SEB Bank in Lithuania achieved a net profit of 149 million euros in the first half of 2024, marking a 2% increase from the previous year. This profit comes after all expenses and taxes, reflecting a stable financial performance for the bank.

The bank's total income for the period reached 247.9 million euros, a slight decrease from 252.2 million euros in the same period last year. Despite this, SEB Bank saw a significant growth in lending activities. The total amount of loans and leasing reached 8.5 billion euros, a 6% increase year-on-year. This expansion was driven by increased borrowing from individuals for housing and from businesses for development purposes.

Specifically, loans to companies amounted to 4.1 billion euros, growing by 2%, while housing loans increased by 5% to 390 million euros. On the deposit side, SEB Bank experienced substantial growth, with the total sum reaching 13.7 billion euros by the end of June, a 10% increase compared to the previous year. The bank also noted a 34% rise in individual investment amounts and a 39% increase in the number of new investors.

By the close of June, SEB Bank's total assets stood at 16.4 billion euros, up from 14.9 billion euros in the prior year. During the first half of the year, SEB Bank and its affiliated companies paid over 71 million euros in taxes. The report highlights the bank's robust financial health and its role in supporting both individual and business growth in Lithuania.