Q2 2024 Siauliu Bankas AB Earnings Call Transcript
Key Points
- Achieved an all-time high in both net interest income and net fee and commission income.
- Loan portfolio grew by 14% year-on-year, reflecting strong lending volumes across all business lines.
- Return on equity stood at a robust 16.2% for the first half of the year.
- Successful issuance of EUR25 million in Tier 2 bonds, oversubscribed almost 4 times.
- Moody's affirmed the bank's long-term deposits rating at Baa1 with a stable outlook.
- Deposits costs are expected to peak in the second half of the year.
- Operating expenses increased by 22% quarter-on-quarter, partly due to windfall tax adjustments.
- Higher funding costs have impacted net interest margins.
- Private investments appear weak due to the high interest rate environment.
- Potential negative impact from investments in IT systems and rebranding in the second half of the year.
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Good afternoon, dear listeners. Welcome to Šiaulių Bankas investor conference on the results of the second quarter. I'm Emilija from Nasdaq Vilnius, and I'll be moderating today's event. We will start with the presentation from the management, which will be followed by the Q&A session. Please be informed that this webinar is being recorded and will be available for a rewatch on the Šiaulių Bankas website and the Nasdaq Baltic YouTube channel. (Event Instructions)
With that said, I'm pleased to introduce today's presenters: the Chief Financial Officer, Donatas Savickas; Head of Investment Management, Tomas Varenbergas; and the Chief Economist, IndrÄ GenytÄ-PikÄienÄ. Please, the floor is yours.
Good afternoon. Good morning to our investors in United States (spoken in foreign language). Hope summer is going on well for all of you. And I'm happy to start the presentation of financial
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