OREANDA-NEWS. November 11, 2009. The Bank of Lithuania permitted AB Bank SNORAS to include in the second level capital LTL 72.5 million (EUR 21 million) worth emission of termless debt securities distributed via non-public distribution on 31st August this year. In this way, Bank SNORAS will consolidate the bank’s capital base, while this bond emission will increase the bank’s capital adequacy indicator by approx. 1.4 per cent, reported the press-centre of Bank SNORAS.

“Consolidating the capital base is a consistent and pre-planned step of the bank’s shareholders. The capital increase enhances the bank’s financial capacity and ensures a proper balance against the risks arising in the bank’s activity; it will also allow us to be more flexible while making prompt decisions,” states Raimondas Baranauskas, the President of AB Bank SNORAS.

Presently AB Bank SNORAS authorized capital comprises LTL 411,923 million. The bank capital adequacy indicator stood at 8.59 per cent at the end of the third quarter of 2009; after these bonds are included in the capital base calculations, this indicator will comprise 10 per cent.

During the first three quarters this year AB Bank SNORAS worked profitably – the bank earned LTL 4.1 million of unaudited profit. The assets of Bank SNORAS within the same period grew by LTL 249.3 million and were by 4 per cent larger than at the beginning of 2009.