OREANDA-NEWS. November 12, 2010. AB Bank SNORAS continues to operate profitably – according to the unaudited data, within nine months of this year the bank’s activity profit before taxes and provisions comprised LTL 67,460 million. During three quarters of this year, Bank SNORAS formed LTL 63,201 million of provisions. The net unaudited profit of the bank amounted to LTL 5.9 million and, in comparison to the appropriate period last year, grew by 44 per cent, reported the press-centre of Bank SNORAS.

“We are the only bank on the Lithuanian market, which despite the national and global economic fluctuations managed to operate profitably during all eighteen years of its activity. This year is not an exception either because we were the only ones on the national financial market who were able to earn a real profit. Moreover, this year we see much better prospects in the market than a year ago – especially the resurgent crediting of companies’ projects. It confirms the fact that the country’s economy is starting to slowly grow,” states Raimondas Baranauskas, the president of AB Bank SNORAS.

Within nine months of this year, Bank SNORAS loan portfolio has increased by LTL 663.8 million (20 per cent) up to LTL 3,933 billion. The fast recovery is observed in the sphere of business loans – Bank SNORAS business loans portfolio during three quarters of this year has grown by LTL 685,6 million (28 per cent) up to LTL 3,178 billion. According to R. Baranauskas, the rapid growth of the portfolio of the loans provided for business was conditioned by the fact that the bank offered flexible crediting conditions to the national companies which seek more favourable financing opportunities.

During nine months of this year, Bank SNORAS assets have increased by LTL 820 million (13 per cent) up to LTL 7,162 billion. The property of Bank SNORAS shareholders has grown by LTL 88.6 million (18 per cent) and amounts to LTL 593.6 million. “This year we have strengthened the authorized capital base by additional contributions of the shareholders and thereby we have considerably enhanced the financial capacity of the bank. It has provided even more possibilities in reacting to the market changes or seeking promising directions of business development,” maintains the president of AB Bank SNORAS.

The sum of deposits in AB Bank SNORAS has grown by LTL 1,008 billion (20 per cent) up to more than LTL 6 billion within three quarters of this year. Since the beginning of the year, the sum of the companies’ deposits in Bank SNORAS has increased by 47 per cent and stands at LTL 2,029 billion, while the residents’ deposits – by 10 per cent and stands at LTL 3,973 billion.
The number of Bank SNORAS clients since the beginning of this year has grown by more than 47 thousand and presently comprises 1 million 136 thousand.

In comparison to the three quarters of last year, Bank SNORAS reduced the activity expenses by 10 per cent and considerably (by LTL 81,549 million) increased the net interest income as well as the net services income.

During nine months of this year, Bank SNORAS financial group, which is the only group in the Baltic States which manages three banks – Bank SNORAS, Latvijas Krajbanka and the investment bank “Finasta” – has earned LTL 1.1 million of the net unaudited profit belonging to the shareholders. Since the beginning of the year, the assets of the financial group have grown by LTL 1,098 billion or almost by 12.1 per cent up to LTL 10,158 billion. The loan portfolio of Bank SNORAS financial group has grown by more than LTL 600 million (12.2 per cent) up to 5,513 billion, while the deposit portfolio has grown by LTL 1,319 billion (17.8 per cent) up to LTL 8,712 billion.

This year Bank SNORAS has also received the international recognition: the international “World Finance” magazine published in Great Britain recognized Bank SNORAS group as the best banking group in the Baltic States in 2010 (“Best Banking Group Baltics – 2010”).