The unaudited loss of financial sector companies of AB Invalda group for the first nine months of 2008 equalled LTL 14.7 million, whereas in the same period the previous year the financial sector made a profit of LTL 18.5 million.
“Financial sector results for the first nine months reflect the situation in the markets. According to our forecasts, the global and regional situation is unlikely to improve in the near future. Considering the present situation, we have taken steps in order to cut sector-related activity costs and we strive to optimise the companies’ activities by maintaining our strategic goals,” Dalius Kaziunas, AB Bankas Finasta General Manager and AB Invalda Board Member, said.
In the first nine months of 2008, AB FMI Finasta experienced a loss of LTL 8.8 million, whereas in the same period the previous year the company made a profit of LTL 3.9 million. UAB Invalda Turto Valdymas (formerly UAB Finasta Investiciju Valdymas) made a profit of LTL 14.6 million in the first nine months of the previous year, whereas in the first nine months of this year it made a loss of LTL 5 million. AB Finasta Imoniu Finansai earned a profit of LTL 1.1 million in the first nine months of this year, and a profit of LTL 0.5 million in the same period last year.
As of September 30, 2008, the loss of Finasta investment bank stood at LTL 0.8 million. According to Dalius Kaziunas, AB Bankas Finasta General Manager, financial results of the bank, which only recently started its operations, aren’t any worse or better than planned. “Finasta bank only began its activities in September this year, in a period which was not particularly favourable for the financial sector. However, regardless of this, the bank’s liability structure isn’t sensitive to potential fluctuations in the financial sector, as the majority of our liabilities comprises share capital. Furthermore, the bank isn’t experiencing the burden of any previous bad loans. As is the case with other banks, our bank is under the supervision of the Bank of Lithuania and adheres to all risk-related norms, and any deposits made at our bank, similarly to other banks, are insured by the state,” Mr. Kaziūnas said.