"The Lithuanian banking sector's operations last year were defined by two unique events: the introduction of the euro and a negative base rate. These factors led to a decrease in the bank's revenue," Bjornar Lund, DNB Lithuania's president and chairman, said in a press release.
"In response to these challenges, we managed to increase our operating efficiency, grew our business volumes and earned a higher profit," he added.
DNB Lithuania's assets grew by 3.8% over the year to 3.9 billion euros. Its net loan portfolio expanded by 0.7% to 2.8 billion euros and the deposit portfolio increased by 11.5% to 2.3 billion euros.
The bank's revenue dropped by 5.1% to 105 million euros. Net interest income decreased by 1.5% to 64.7 million euros and non-interest income was down by 10.2% to 40.3 million euros.
Operating and other expenses declined by 17% to 71.8 million euros.
The number of the group's customers last year rose by 17,000 to 860,000 customers.
The Lithuanian bank is part of DNB, Norway's largest financial services group.
