Losses of Lithuania’s credit unions narrow

In all, the 63 unions operated at a loss of LTL 2.57 million (EUR 0.74 million), however, it was lower by approximately one third compared to the first half of 2013 when losses reached LTL 6.85 million (EUR 1.98 million).

According to Miglė Blazauskienė, deputy head of the LCKU administration, the unions reported losses only in the first quarter, whereas in the second quarter the 63 unions made a total profit of LTL 1.8 million (EUR 0.52 million) and hence reduced the negative result.

On 30 June 2014, loan portfolio of the LCKU system’s unions stood at LTL 802.6 million (EUR 232.5 million), i.e. by 5.8 percent more year-on-year. In the second quarter most loans were issued to the agricultural sector.

The LCKU unions’ capital by the end of the first six months of 2014 stood at LTL 136.6 million (EUR 39.5 million), i.e. by 6.6 percent more year-on-ear. The aggregate capital adequacy ratio increased by 1.3 percentage points in the discussed period and stood at 21.96 percent. Meanwhile, liquidity ratio increased by 1.9 percentage points to 49.57 percent.

By the end of June 2014, the 63 unions serviced 136,900 customers, by 5 percent more than in the first half of 2013.

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