OREANDA-NEWS. April 11, 2011. During AB Bank SNORAS general shareholders’ meeting, the financial accountability of the bank for the year 2010 was confirmed, the profit was distributed, and the new supervisory board of the bank was elected, reported the press-centre of Bank SNORAS.

Last year Bank SNORAS earned LTL 9,993 million of unaudited net profit, whereas the total of LTL 32,234 million profit was distributed during the ordinary general shareholders’ meeting of the bank which was held on Thursday. The shareholders allocated a part of the profit to the obligatory reserves whose designation is to ensure reliability, safety and continuity of the bank’s activity: LTL 1,611 million was allocated to the obligatory reserve fund, LTL 4,705 million – to the reserve capital for covering possible credit losses. By the decision of the shareholders, the remaining part of the profit (LTL 25,918 million) is still undistributed and it strengthens the capital base of the bank.

At the shareholders’ meeting of Bank SNORAS, it was decided not to pay dividends to the shareholders. Taking into consideration the national and global financial economic situation, which also affected the activity result of the bank, tantiemes (remuneration for the work in 2010) will not be paid to the members of the supervisory board. The bank’s employees will not receive bonuses either.

During the shareholders’ meeting, the audit company UAB “Ernst & Young Baltic” was chosen to perform the audit of the consolidated annual financial accountability of Bank SNORAS and the bank’s group in 2011.

After the tenure of Bank SNORAS Supervisory Board terminated, the new supervisory board was elected. The following former members of Bank SNORAS Supervisory Board were re-elected: Vladimir Antonov, Aleksander Antonov, Oleg Sukhorukov, Maksim Anchipolovsky, Michael Duncan Chartres. The supervisory board has also accepted a new member – Adam Salim Habib, who is the senior partner and the general director of the British company Jubilee Financial Products, which has purchased almost one tenth of the new share emission of Bank SNORAS and which manages the alternative investment fund JFP Emerging Europe Momentum Fund.

Adam Salim Habib became the head of the company Jubilee Financial Products in July 2008, and he has been working in the sphere of finances for 10 years already – during 6 of these years he was running some of the leading positions in the bank Credite Suisse. The new member of the supervisory board has BA degree in psychology, MA degree in sales and finances.

Last year the audited net profit of Bank SNORAS, in comparison to the year 2009, grew by 14.3 per cent, up to LTL 9,993 million. The bank’s assets within a year increased by LTL 1,31 billion (20.7 per cent), up to LTL 7,66 billion, the loan portfolio – by LTL 950,4 million (29 per cent), up to LTL 4,22 billion, while the deposit portfolio – by LTL 1,35 billion (27.1 per cent), up to LTL 6,35 billion.

Presently the controlling block of shares of Bank SNORAS belongs to V. Antonov – the Chairman of the Supervisory Board, and to Raimondas Baranauskas – the President of the bank and the Chairman of the Board; they manage 68.1 per cent and 25.31 per cent of the bank’s authorized capital respectively.