Best bank: Swedbank
Lithuanian banks successfully shrugged off a stagnating economy and the government’s windfall tax last year to double net profits.
After deducting the government’s levy on bank profits and other taxes, the sector generated a €986 million profit on net interest income of over €2 billion, more than double that earned the year before, according to the Bank of Lithuania.
AfE 2024
Against this background, Swedbank, led by Inga Skisaker, chairwoman of the board, was not only the most profitable – making a net profit of €361 million, up 152% on 2022 – but also one of the most active in launching new, and enhancing existing, products and services.
Some of the standout developments include the introduction of a new customer communication platform; a new mobile terminal payment solution for corporate clients; an environmental, social and governance (ESG) self-assessment tool for business to help identify their main ESG risks; a green afforestation loan; and the issuance of the first agro loan with a sustainable farming certificate in Lithuania.
The