In the first quarter of this year, European Merchant Bank (EMBank) generated nearly three times more net profit than in the same period of last year. The bank also reports a significant net income increase.
During the first quarter of this year, EMBank generated a net profit of almost EUR 400,000, compared to just over EUR 135,000 in the same period last year. The most remarkable growth was recorded in the net interest income category. The latter increased by 60% in the first few months of the year, surpassing the EUR 1 million threshold.
Sarp Demiray, CEO of EMBank: “The preliminary estimate from the State Data Agency indicates that Lithuania’s economy grew by 2.9% in the first quarter of this year compared to the same period last year. We are pleased to have contributed to the country’s growth. The bank’s key performance indicators have increased. For instance, the European Merchant Bank’s business loan portfolio expanded by over 40% in the first quarter of this year compared to the same period last year, reaching EUR 36.5 million.”
In the first quarter of this year, EMBank’s net income increased by 28% to EUR 2.6 million. Compared to the first quarter of last year, the total amount of deposits also increased considerably. It grew by 33% from EUR 93 million to EUR 124 million.
Ekmel Cilingir, Chairman of the Supervisory Board of EMBank, points out that the bank aims to be a strong partner for small and medium-sized enterprises (SMEs). SMEs account for more than 95% of all Lithuanian businesses and the largest share of the country’s GDP. In order for the country’s economy to continue to grow successfully, it is essential to increase access to finance for Lithuania’s SMEs and improve banking services.
Ekmel Cilingir: “Our growth shows that more and more SMEs want to work with us. As well as flexible lending solutions, we offer special offers for businesses that allow them to save money. We have found that businesses really appreciate this approach. By the end of 2028, we intend to increase our loan portfolio by almost three times and our asset value by more than EUR 263 million.”
EMBank is licensed by the European Central Bank (ECB) and is a member of SEPA, SWIFT and TARGET2. The bank provides working capital and investment loans, especially for SMEs. The Bank also offers Banking as a Service (BaaS) solutions.
