OREANDA-NEWS. August 10, 2010. According to the unaudited data, AB Bank SNORAS profit prior to provisions and tax exemption within the first half of this year comprised LTL 51 million, the bank formed almost LTL 48 million provisions, reported the press-centre of Bank SNORAS.

The net unaudited profit of the bank amounted to LTL 5 million. Since the beginning of the year all main indicators of the bank have been growing: the bank assets increased by more than LTL 473 million (7 per cent) up to LTL 6,816 billion, the bank's loan portfolio grew by LTL 576 million (18 per cent) up to LTL 3,846 billion, while the deposit portfolio increased by LTL 643 million (13 per cent) up to LTL 5,637 billion.

During the first half of this year, Bank SNORAS financial group, which the only one in the Baltic States manages three banks - Bank SNORAS, "Latvijas Krajbanka" and the investment bank "Finasta" - earned LTL 9.6 million unaudited net profit. The assets of the financial group since the beginning of the year have grown by LTL 628.6 million or almost by 7 per cent up to LTL 9,689 billion. The loan portfolio of Bank SNORAS financial group increased by more than LTL 600 million (12 per cent) up to LTL 5,513 billion, while the deposit portfolio grew by LTL 918 million (12 per cent) up to LTL 8,311 billion.

"This year all indicators of the bank grow in a stable way, the profit increases, the bank operates profitably. We observe that business in Lithuania is recovering, although, in the presence of high unemployment, the residents perhaps have not felt it yet. We actively solve the clients' problems - we restructure the loans, revise the loan redemption schedules as well as lend money for turnover needs, which is reflected in the bank's formed provisions for possible "bad" loans. Despite all this, today I see much better prospects in the market than a year ago - especially bearing in mind the recovering loan markets for residents and companies," - states Raimondas Baranauskas, the president of AB Bank SNORAS.

Within the 1st half of 2010, Bank SNORAS was especially actively crediting companies and increased the loan portfolio for companies by almost one-quarter (23 per cent) up to LTL 3,066 billion. The bank financed prospective projects in the sectors of commercial and administrative real estate development, air transport, infrastructure and services, provided loans for renovation of multi-apartment buildings.

On 21 May this year, AB Bank SNORAS successfully redeemed the entire EUR 175 million (LTL 604 million) worth Eurobonds emission distributed in 2007.

In the first half of this year, Bank SNORAS, managing the most expansive network of 256 customer service divisions in Lithuania, continued a consistent development by opening a new customer service unit in Vilnius, in Santariskes, as well as by opening two mini-banks in Lithuanian resorts - in Palanga and Sventoji. In addition, the LTL 10 million worth construction of the bank branch in Utena was started. 337 ATMs of Bank SNORAS operate in the country. In June, the bank also opened the branch outlet in Riga, Latvia.

In comparison to the first half of last year, the bank reduced the activity expenses by 14 per cent as well as considerably (up to LTL 25 million) increased the net interest income and the net service income, which within the first half of 2010 comprised LTL 51 million.

Bank SNORAS has issued more than 512 thousand valid payment cards. The turnover in the cards' accounts within six months comprised more than LTL 2,370 billion.

The number of the bank's clients since the beginning of the year has grown by more than 31 thousand and currently stands at 1 million 120 thousand.

Bank SNORAS has also received the international recognition: the international magazine "World Finance", published in Great Britain, recognized Bank SNORAS group as the best banking group in the Baltic States in 2010 ("Best Banking Group Baltics - 2010"). In 2006, the influential international magazine "The Banker" recognized Bank SNORAS as the best bank in Lithuania.