Šiauliu Bankas – 30 years on the regulated market

Bank of Siauliai AB

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On 29 November 2024, Šiauliu Bankas celebrates 30 years of trading shares on the regulated market. Šiauliu Bankas' initial public offering was made on the Nasdaq Vilnius Stock Exchange on 29 November 1994. With a current capitalisation of EUR 540 million, Šiauliu Bankas is the largest and longest-established bank in Lithuania.

"This anniversary marks three decades of stability, growth and innovation. As the only bank, listed in Lithuania, Šiauliu Bankas has established its importance in both the equity and bond markets, becoming an example of how to raise capital efficiently and create value for both investors and clients.

We are grateful for this strong partnership. Šiauliu Bankas is not only a trusted issuer on the Nasdaq Vilnius Stock Exchange, but also an active leader in investment banking, contributing significantly to the development of the Lithuanian capital market. Šiauliu Bankas' commitment to providing the highest quality services to investors, its membership of Nasdaq CSD and its major role in the settlement and custody of securities is a role model for the entire financial sector.

We wish you further successful projects, significant achievements and a strong position on both the Lithuanian and international markets. We are delighted to be part of this exciting journey!" - said Gediminas Varnas, President of Nasdaq Vilnius. 

"The Bank has come a long way in three decades, always maintaining its Lithuanian identity and ambition to grow. Starting as a small local bank, investing continuously in growth, discovering unique opportunities and niches, and being an important part of the business ecosystem, we have grown into a systemically important bank by creating value for clients, employees, society as well as shareholders.

I am delighted that this year we have renewed our strategy and set ourselves the goal of becoming the best bank in Lithuania by 2029 – to continue growth and value creation.

We thank Nasdaq Vilnius for the lasting partnership helping us and the market to foster a culture of openness and transparency – we have learnt a lot during 30 years together", - says Vytautas Sinius, CEO of Šiauliu bankas.

Gediminas Varnas presented Vytautas Sinius a symbolic photo – Šiauliu Bankas company being congratulated for the 30th anniversary on the legendary Nasdaq screen in Times Square in New York.

This year, Šiauliu Bankas' shares reached hights - on 22 November they were trading at EUR 0.832. Investors who invested in Šiauliu Bankas shares on the day of the IPO would currently be looking at a return of around 9,700% with reinvested dividends. Thus, the value of the shares has already increased almost 100 times.

Having renewed its strategy at the beginning of this year and aiming to become the best bank in Lithuania by 2029, Šiauliu Bankas plans to change its core banking platform, renew its brand and double the number of retail and corporate clients by 2029 to reach one million.

Šiauliu Bankas is demonstrating consistent financial performance while maintaining sustainable growth. In the first three quarters of this year, the Bank generated a net profit of EUR 63.6 million. Net interest income in the first 9 months of the year grew by 4% y-o-y to EUR 121.1 million, while net fee and commission income grew by 44% y-o-y to EUR 21 million. The total loan portfolio increased by 17% to €3.43 billion. Šiauliu bankas maintains a high level of operational efficiency, with the Group's C/ I ratio reaching 45.6% in the first 9 months of the year and ROE at 15.4%.

The Bank continues to strive to create more value for shareholders by adopting a new dividend policy, committing to a minimum payout of 50% of the previous year's net earnings.

In addition, the Bank is currently implementing share buy-back programme, whereby up to 6 875 000 own shares are to be bought back. The Bank has received authorisation from the European Central Bank (ECB) to buy back up to 13 745 114 own shares.

The Bank is also striving to use its capital more efficiently and this year successfully placed three bond issues - a EUR 25 million subordinated bond issue in the Baltic market, a EUR 300 million senior preferred bond issue in the international capital market and became the first issuer in the country to issue EUR 50 million of AT1 bonds.

Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt