WOOD Flash – Siauliu Bankas: 2Q18 results strongly above our expectations
Siauliu Bankas reported its 2Q18 results this morning. Net profit came in at EUR 17.2m, up 3x yoy and +75% qoq. The result is 66% above our expectations. The beat is a combined effect of non-recurring activities (the revaluation gain on the EBRD convertible loan) and also due to the recurring activities profit, with NII up 16% yoy and F&C rising 33% yoy. Lending growth has also been strong, with loans up 21% yoy and 7% qoq, and total assets rising 12% yoy. With 1H18 net profit of EUR 27m (EUR 22m if eliminating non-recurring activities), the bank is well on track to surpass our expectations for this year (EUR 37m).Siauliu bankas AB is a Lithuania-based company engaged in the provision of commercial banking and financial services to private and corporate clients. It offers such services as provision of bank accounts, offering the debit and credit cards and safety deposit boxes, cash and non-cash money transfers, operations with securities, currency exchange, lending and investment services, Internet banking, financial brokerage and real estate development. It also issues monetary warranties, guarantees and other warranty liabilities, as well as performs operations with payable documents, such as checks and others. The Bank has several branches, numerous client service units and subsidiaries.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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