Bloomberg News

Lithuanian Banking Industry Posts Profit as Economy Gathers Pace

October 27, 2011

Oct. 27 (Bloomberg) -- Lithuanian banks posted profits in the first nine months this year as the economy grew at the fastest pace since 2008, the central bank said.

Banks had a combined profit of 707.2 million litai ($287 million), compared with a loss of 363.9 million litai in the same period of 2010, the Lietuvos Bankas, based in the capital, Vilnius, said today on its website.

After almost two years of losses, lenders began to post profits in the second half of 2010 as the Baltic nation’s economy rebounded from six quarters of contraction that ended in the second three months of that year. The economy expanded 6.3 percent from a year earlier in April to June 2011, fuelling a 1.4 percent quarterly increase in lending, the first growth since 2008.

--Editors: Andrew Langley, Zoe Schneeweiss

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus