Bloomberg News

Lithuanian Banks’ First-Quarter Profit Falls 43% on Provisions

May 03, 2012

The Lithuanian banking industry’s profit fell 43.2 percent in the first quarter from last year because of increased provisions.

Banks in the Baltic nation had a combined profit of 144.6 million litai ($42 million), the central bank in Vilnius said in an e-mailed statement today. Credit portfolios shrank 0.6 percent in the first quarter, it said.

Lenders returned to profit last year following two years of losses. The economy expanded a preliminary 3.9 percent in the first quarter.

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


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