First Quarter 2024 Unaudited Financial Performance Report of the Bank

Urbo Bankas, a Lithuanian capital bank, has reported a net profit of EUR 2.2 million in the first quarter of this year. Despite a 21% decrease compared to the same period last year, the bank attributes this change to investments in rebranding and modernizing its operations.

In February, the bank underwent a significant transformation by changing its name from Medicinos Bankas to Urbo Bankas. This rebranding effort, along with investments in network efficiency and modernization, contributed to the lower profit margin for the quarter.

Marius Arlauskas, Head of Administration at Urbo Bankas, emphasized the importance of global developments and the bank’s strategic decisions in shaping its financial performance. He expressed confidence that these changes and investments will strengthen the bank’s position in the market in the long term.

Despite the decrease in profit, Urbo Bankas saw growth in its loan and deposit portfolios. The loan portfolio increased by 22.28% to EUR 329 million, while deposit volumes rose by 40.58% to EUR 488.7 million in the last 12 months. Additionally, net interest income grew by 17.6% to EUR 5.4 million in the comparative period.

With assets totaling EUR 577 million at the end of March, Urbo Bankas has shown a 36.1% increase from the previous year. The bank’s shareholders’ equity also rose by 14.9% to EUR 58.4 million.

Urbo Bankas currently operates with 284 employees and 26 territorial branches, providing a strong customer service network. For more information, interested parties can contact Julius Ivaška, Head of Business Division, at media@urbo.lt or +370 601 04 453.