Last year, Mano Bank’s operating income grew by 76%, and its profit doubled


In 2023, the Lithuanian specialised bank Mano Bank showed the growth of all key performance indicators. Compared to 2022, the bank’s operating income grew by 75.7%, which was 5.681 million higher than last year. Net interest income increased by 97.5% over the reporting period, or by 4.917 million. 

Compared to 2022, the net service and commission income increased by 37.1%, or by 980 thousand Euro in comparison to the previous year indicator.

Loan and deposit portfolios have grown 

Compared to 2022, last year the bank earned twice the net profit, which amounted to 3.464 million Euro (in 2022 – 1.576 million Euro). In 2023, the steadily growing loan portfolio increased by 11.7%, which amounted to 10.413 million Euro more than in 2022.

“Despite the economic uncertainty prevailing in 2023, the slowdown in the economy, high inflation and rising interest rates, we have fostered the ambition formulated a few years ago – that our annual growth would be marked by two-digit numbers and that it would be sustainable. We are convinced that sustainable growth with a positive impact on business and society is the basis for the success of modern business and banking,” said Giedrė Blazgienė, CEO of Mano Bank.

According to her, the growth of the bank was primarily based on the increasing trust of their customers. The evidence of this confidence – the deposit portfolio held by the bank in the clients’ accounts redeemable at notice increased by 12.58 million Euro in 2023, or by 15.7 %, and fixed-term deposit portfolio by 20.1 million Euro, or by 18.9 %.

During the reporting year, the bank’s assets have also increased. On 31 December 2023, it amounted to 246.449 million Euro and was 22.3 % higher than at the final quarter of 2022.

The Bank’s growth component in 2023 was the continued expansion of the range of services offered to customers. A new credit product was offered to business customers – financial lease (leasing) of all types of vehicles, agricultural, construction machinery or equipment.

The bank has successfully migrated to the updated TARGET2 payment system, updated its online banking service, and began providing instant payments to customers. To improve the accessibility of services, the bank has continued to develop the Application Programming Interface (API) for customer access to their accounts and initiation of various payments. These innovations contributed to the growth of the turnover of the payment transactions served by the bank in 2023 by 80.7%.

They invest in infrastructure, technology and staff

Last year, Mano Bank invested in IT infrastructure, system development, data quality and data availability and security automation solutions to ensure the development and quality of services. The website was updated and presented to the customers.

G. Blazgienė also notes that the growth would not be possible without investment in highly qualified employees. During 2023, the number of bank employees grew by 8.4% and reached 90 at the end of the year. The growth of other costs of the Bank’s activities was mainly influenced by the Law on the Temporary Solidarity Contribution of the Republic of Lithuania adopted at the beginning of 2023. The amount of the temporary solidarity contribution paid to the state budget last year was estimated at 867,000 Euro.

“We are becoming more international every year, firstly primarily a European Bank. Last year, we registered our trademark in the European Union and actively acted not only in the Lithuanian, but also in the German and Spanish fixed-term deposit market. We have offered attractive fixed-term deposit pricing for residents and businesses and financial institutions. We plan to continue expanding the geography of our services. This ambition was further broadened last September as the bank was granted the right to provide financial services in 29 European Economic Area countries without establishing a branch,” the head of the bank said.

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