In the second quarter of this year, the central credit union of Lithuania, its subsidiary UAB Lirosa and 51 credit union earned 1.38 million euro. Net profit of the Group and total assets of the Group amounted to 371.18 million euro. Such results indicate that credit unions successfully implemented the reform of credit unions, adapted to new requirements and increased their competitiveness.
During the same period, the Central Credit Union of Lithuania (LCCU), whose results on the basis of "solo", are significantly influenced by the costs of servicing the capital of the Republic of Lithuania, amounted to 71 thousand euro loss.
In the first half of 2018, the loan portfolio of the LKU system has grown by almost 16% or 34.5 million and at the end of June amounted to 252.26 million euro. The growth of the loan portfolio has also contributed significantly to 2017. At the end of the year, the Vilnius Credit Union and the Credit Union "Panevezys Region Savings Bank" joined the LCCU, whose total loan portfolio amounted to 20.7 million euro at the end of June.
"The growth of financial results of the group of credit unions of LKU is the increase of the centralization of the system, the transformation of the activity model and the active influence of the work with new and existing sales channels," says Mindaugas Vijunas, Head of the LCCU Administration.
In 2018, on a period of 6 months, the number of members of credit unions (including customers) increased by 1 309 members and at the end of June this year amounted to 114 254 members (of which 109 428 individuals or almost 4% of the total population of the Republic of Lithuania).
LCCU is the largest co-operative banking organization in the Baltic States, the longest-running central credit union in Lithuania. The members of LCCU Credit Unions Group provide financial, supervisory, information technology, legal, publicity, training and consulting services. Credit Unions belonging to the group of credit unions of the LCCU offer clients the development of e-commerce by LCCU. banking, payment cards MasterCard, Maestro, payments for utilities, money orders in Lithuania and abroad and other financial services.
The Central Credit Union of Lithuania and the Group II Quarter's results can be found on their website (results in lithuanian).