Ukio Bankas withstands credit crunch to post £20m profit

Published on Tuesday 11 November 2008 21:41

FEARS over the effect the global economic crisis is having on Vladimir Romanov's financing of Hearts have been allayed after his bank posted profits in their latest results.

For the first nine months of 2008, Ukio Bankas Group have recorded unaudited gains of LTL 83.8 million (20 million), a 36 per cent increase on the same period last year.

Ukio Bankas, who are Hearts' shirt sponsors, have, however, not been immune to the world-wide credit crunch after rating agency Standard & Poor downgraded the bank's status from stable to negative in August.

Commenting on the latest figures, Ukio Bankas Board chairwoman Edita Karpaviciene said: "We are happy with good financial results of Ukio Bankas Group.

"Growth of the Group's profit was influenced by the sales of subsidiaries that managed a real estate project in Moscow.

"But even if not considering the influence of this transaction, Ukio Bankas Group's profit from the continuing operations grew 15 per cent during nine months of 2008 compared to the same period of the last year and amounted to LTL 68.9 million."

Meanwhile, FBK Kaunas, the Lithuanian club which is also owned by Romanov, has lost out on the league title for the first time since 2005 after being beaten to the flag by FK Ekranas.

FBK, who caused a major upset when they overcame Rangers at the Champions League qualifying stage in August, cannot finish better than second with two games left in the Lithuanian league season.

Kaunas have dominated the Lithuanian top-flight since 1999, surrendering the league crown in only 2005 – also to FK Ekranas – prior to this year's disappointment.