Lithuania – SEB Bankas reports profit of € 36.6 mln for 2012 and opens subscription for bonds linked to Asian and Australian stock prices; DNB Bankas reports 2012 profit of € 25.6 mln; NASDAQ OMX Baltic removes defunct Ūkio Bankas from exchange indices

On 27 February the largest commercial bank in Lithuania, SEB Bankas (AB SEB bankas), published condensed interim financial statements (IFRS, unaudited) for 4Q 2012.  (As reported earlier in this column, the bank had published summary data, without statements, on 31 Jaunary.)  The results are given below.  (Values in thousands of LTL; 1 EUR = 3.4528 LTL (pegged since 2002).)

	2012	2011	2010
Net profit for year	126,287	379,762	(12,058)
Total assets at year-end	22,583,627	25,477,573	21,028,262

Sources:

Press release: AB SEB banko 2012 metų 12 mėnesių tarpinė finansinė informacija (2013-02-27 16:00:01 CET)

IFRS financial statements for 2012 (unaudited): AB SEB bankas 2012 m. gruodžio 31 d. dvylikos mėnesių laikotarpio sutrumpinta tarpinė finansinė informacija (2013-02-27 10:49:19)

IFRS financial statements for 2011 (unaudited): AB SEB bankas 2011 m. gruodžio 31 d. dvylikos mėnesių laikotarpio sutrumpinta tarpinė finansinė informacija (2012-02-29 13:53:59)

A day earlier, on 26 February, SEB opened subscription for a series of bonds – linked to stock prices in Asia and Australia – that will go on sale beginning 15 April.  The three-year bonds have nominal values of 100 LTL (€ 28.96), 105 LTL, and 100 EUR, and will be linked to the index S&P Pan Asia Low Volatility Index Price Return EUR (Bloomberg ticker: SPPALVET).  The bonds have a maturity of 1,114 days (3 years and 18 days), coming due on 4 May 2016.

The index S&P Pan Asia Low Volatility Index Price Return EUR is rebalanced quarterly to track the performance of the 50 least-volatile stocks in the S&P Pan Asia Ex-New Zealand LargeMidCap Index.  As of 26 February the low-volatility index was generating the following annualized price returns: 1 year: 14.02%, 3 year: 10.69%, 5 year: 4.56%.

Sources:

Press release: SEB bankas pradeda platinti su Azijos ir Australijos šalių įmonių akcijų kainų indeksu susietas obligacijas (2013-02-26)

Bond issue information page, with links to detailed info and prospectus: Su Azijos ir Australijos įmonių akcijų kainų indeksu susietos obligacijos

S&P Dow Jones factsheet on index: S&P Pan Asia Low Volatility Index

S&P Dow Jones current-day factsheet on index: S&P Pan Asia Low Volatility Index (2013-02-26)

Also on 26 February, DNB Bankas (AB DNB bankas), the country’s third-largest commercial bank, published interim condensed statements (IFRS, unaudited) for 4Q 2012.  (The bank had previously published preliminary data, without statements, on 7 February.)  The results are summarized here:

	2012	2011	2010
Net profit for year	88,428	80,951	(122,633)
Total assets at year-end	11,580,673	11,242,806	11,299,584

Sources:

IFRS financial statements for 2012 (unaudited): AB DNB banko: Tarpinė sutrumpinta finansinė informacija – IV ketvirtis 2012 m. (pagal TFAS reikalavimus, neaudituota) (2013-02-25 10:07:27)

IFRS financial statements for 2011 (unaudited): AB DNB banko: Tarpinė sutrumpinta finansinė informacija – IV ketvirtis 2011 m. (pagal TFAS reikalavimus, neaudituota) (2012-02-23 14:44:10)

Finally, on 26 February the stock exchange NASDAQ OMX Baltic announced that it would be removing the shares of the recently defunct bank Ūkio Bankas (AB Ūkio bankas) from its indices “OMX Baltic Benchmark” and “OMX Baltic 10”.  The exchange explained that the shares would be included through 26 February but removed at zero value on 27 February, with no replacement to be inserted until the next review of the index.

Source:

Press release by NASDAQ OMX Vilnius: Ūkio banko akcijos bus išbrauktos iš Baltijos šalių biržų lyginamojo indekso OMX Baltic Benchmark ir Prekybinio indekso OMX Baltic 10 sudėties (2013-02-26 08:30:03 CET)

Mark Pleas

Eastern Europe Banking & Deposits Consultant

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