OREANDA-NEWS. August 08, 2008. During the first six months of the year, Lithuanian bank group "Snoras" has been operating with a net profit of 36.78 million lits (7.5 million lats). The profit has grown by 10.6% in comparison with the first half of the previous year, reported the press-centre of Bank "Snoras".

"Results of the group's activities are mainly influenced by a successful credit policy, expansion of corporate client portfolios and a net increase of interest income of almost one-fifth," pointed out "Snoras" President Raimondas Baranauskas.

The net profit of the Bank "Snoras" has decreased 2.1 times to 17.7 million lits (3.6 million lats). The bank attributes it to the overall negative situation of financial markets, which does not contribute to significant profits. The bank has been also actively carrying out territorial expansion and investing in valuable information technology systems, thus increasing its operating expenses. The operating expenses of "Snoras" have increased by 37%.

"Snoras" group assets have increased by 20% in 12 months, its credit portfolio has grown by 50% and its deposit portfolio - by 31%.

"Snoras" group has 13 subsidiaries; it is the major shareholder of AS Latvijas Krajbanka.