Total loans granted to clients amounted to LTL 12.1 billion, increasing in comparison with 1 January by LTL 4.15 billion or 52.3 %. Moreover, loans to financial institutions increased over the year by LTL 339 million or 37.5 per cent.
Deposits held with domestic banks totalled LTL 13.6 billion on 1 January 2004, increasing over the year by LTL 1.9 billion or 16.3 %, of which deposits of individuals made up LTL 7.9 billion, up by LTL 1 billion or 14.7 % over the year.
The operations of ten banks and one foreign bank branches were profitable, they earned a profit of LTL 241.4 million, while two foreign bank branches (Kredyt Bank S.A. Vilnius Branch and Nordea Bank Finland Plc Lithuania Branch) incurred a loss of LTL 1.5 million over the same period. The total unaudited result of the domestic banking system before closing balances in 2003 was a profit of LTL 239.9 million (the banking system of Lithuania earned a profit of LTL 146.8 million in 2002).
The profit of 2003, compared to the result of 2002, was largely determined by special provision expenses which were lower by LTL 67.6 million or 80 per cent and by repaid loans which were written-off totalling LTL 63.6 million.
Note