Swedbank profit up by 2.5 times in Lithuania last year

Swedbank has reported a net profit of EUR 361 million in Lithuania last year, which is 152% more than in 2022. The rise in the profit is due to significant growth in the corporate loan portfolio, high private client activity, the European Central Bank’s monetary policy and other reasons, the bank said.

In 2023, Swedbank's gross income totalled EUR 762 million, net interest income stood at EUR 609 million and net fee income to EUR 122 million in the country. Last year, the bank paid nearly EUR 130 million in solidarity tax to the state.

Swedbank’s lending volumes in Lithuania grew by 10% last year, from a year before. The bank’s total loan portfolio exceeded EUR 8.5 billion at the end of the fourth quarter of 2023.

The portfolio of financing for corporate customers rose by 19% to EUR 3.2 billion. The volume of financing for households increased by 6% to EUR 5.4 billion