"The first three months of this year continued last year's trend and we saw further grwoth in demand for retail financing," Swedbank Lithuania CEO Dovile Grigiene said in a press release.
"Growth in housing loans and consumer financing volumes reflects the economy's overall grwoth potential as household consumption remains a key engine for the country's economic growth," she said.
Swedbank's loan portfolio expanded by 14% over the year to reach 4.6 bln euros at the end of March. Loans to private individuals rose by 28%, with the takeover of Danske Bank's retail banking business having a direct impact on this growth. Loans to business customers remained virtually unchanged.
Total deposits increased by 13% to 6 bln euros. The loan-to-deposit ratio remained unchanged from a year earlier at 77%.
Swedbank's first-quarter net income in Lithuania came in at 51 mln euros, up 17% from 44 mln euros a year earlier. Its net interest income rose by 17% to 29 mln euros and net commission income was up by 17% to 19 mln euros.
The bank's assets totaled 7.028 bln euros in late March, up by 853.8 mln euros, or 14%, from the same period last year.
