OREANDA-NEWS. May 11, 2010. Within the first quarter of 2010, AB bank SNORAS earned LTL 4.1 million unaudited net profit, while the bank's property (assets) grew by LTL 353 million (5.6 per cent) and were by LTL 1,159 billion (20.9 per cent) larger than at the end of the first quarter last year, reported the press-centre of Bank SNORAS.

"At the beginning of this year, we were actively seeking promising projects for financing and we were working a lot with clients; therefore, the earned profit of Bank SNORAS during the first quarter was mostly conditioned by the increased net interest income. Besides, works are gaining momentum while executing financing according to the state-sponsored or guaranteed programmes for financing modernization projects of multi-apartment buildings, various sponsorship programmes for agriculture, etc. I also want to emphasize that successfully attracted funds of the clients allow to further expand the bank's activity, to invest in promising projects and to create new financial instruments together with the group's companies," states Raimondas Baranauskas, the president of AB Bank SNORAS.

In comparison to the first quarter of last year, the bank's net interest income grew by 34 per cent up to LTL 11,424 million. Within the reporting period, in comparison to the fourth quarter of last year, there was a noticeable growth of the loan portfolio, which during three months increased by LTL 219 million (7 per cent) and comprised LTL 3,489 billion. The loan portfolio mostly grew due to loans granted to economy entities.

The bank's deposit portfolio continues to grow steadily: within the first quarter of this year alone the deposit portfolio increased by LTL 296 million (6.4 per cent), while during a year, since 1st April 2009, it grew by LTL 1,289 billion (32.8 per cent). The deposit portfolio of the economy entities had the fastest growth (15.8 per cent) this year. During the first three months this year, Bank SNORAS paid out to the bank's depositors LTL 57 million worth interest.

The economy is recovering not as quickly as we would like, therefore, like the entire banking market, in the first quarter of this year we also had to assess the risk of the clients' solvency and other factors and consequences as well as to form LTL 26.5 million worth additional provisions for loans.

Presently Bank SNORAS owns the most expansive customer service network in Lithuania and it is the second in the market of the Lithuanian banks according to the ATM network, the third according to the deposit portfolio and the fifth according to the managed assets. On 1st April 2010, Bank SNORAS provided its services to 1,11 million customers. At the close of the first quarter, the number of the bank's employees reached 1,082.

AB Bank SNORAS financial group incurred LTL 7.5 million of unaudited losses within the first quarter of this year; the share of the losses pertaining to the bank's shareholders is LTL 5.4 million. The assets of the financial group grew by 7 per cent within this period and they comprised LTL 9,690 billion. The deposit portfolio of the financial group increased by 9 per cent since the beginning of this year and at the end of the first quarter it exceeded LTL 8,061 billion. The total loan portfolio of the financial group grew by 4.5 per cent and at end of the period it stood at LTL 5,136 billion.