«Despite the economic stagnation, last year turned out to be financially successful for the banking sector, as we predicted. Accordingly, banks are allocating a portion of their profits to the solidarity contribution, which is used for public needs,» said Simonas Krepshta, a member of the Board of Centrobank Lithuania.
The first solidarity contribution payment (for the second quarter) — 56 million euros — was transferred by banks at the end of August 2023, the second (for the third quarter) — over 100 million euros — at the end of November 2023, and the third (for the fourth quarter) — approximately 100 million euros — at the end of February of this year.
It is projected that the solidarity contribution for 2024 could amount to around 190 million euros.
This measure was proposed by the Bank of Lithuania in relation to exceptional circumstances. Due to these circumstances, the profit of commercial banks in 2023 may triple compared to previous periods and reach approximately 1 billion euros.