OREANDA-NEWS. March 05, 2011. According to the unaudited data, within 2010 the profit of AB Bank SNORAS activity before forming provisions comprised LTL 85.3 million. During last year, Bank SNORAS formed LTL 75.3 million provisions. The net unaudited profit of the bank comprised LTL 9.9 million and, in comparison to the year 2009, grew by 14 per cent, reported the press-centre of Siauliu Bankas.

“The profit earned last year proves that the chosen strategy of Bank SNORAS to use the occurring opportunities of the resurgent national and global economy has justified itself. The growing main indicators of the bank allowed to increase the share of the occupied market, and by all actions performed last year we laid the foundation for the activity this year. Last year among the national banks we were most actively financing projects of companies, which shows that business again takes up the projects suspended during the crisis. Crediting of residents should also gradually revive. We notice positive prospects in the housing loans market: it seems that residents, while reacting to the economic situation, more frequently seek a dwelling place. Therefore, we have made a strategic decision to strengthen our positions in the housing loans market by reducing the interest rates in litas and euros,” states Raimondas Baranauskas, the President of AB Bank SNORAS.

According to R. Baranauskas, this year the bank plans a further expansion – a new mini-bank has already been opened in Utena, it is planned to open the branch outlets in Vilnius and Silute, and at the end of the year we intend to move into a new building of Utena branch.

Within last year, Bank SNORAS assets increased by LTL 1,310 billion (21 per cent) up to LTL 7,653 billion. The property of Bank SNORAS shareholders grew by LTL 92.2 million (18 per cent) and comprises LTL 597.2 million. “This year by the new emission of shares we intend to increase the authorized capital of SNORAS by LTL 380 million and thereby to strengthen the financial capacity of the bank. It would give even more opportunities in seeking prospective trends of business expansion. Furthermore, after successful distribution of the emission, we would become the third bank in the country according to the size of the authorized capital,” maintains the President of AB Bank SNORAS.

During last year, in comparison to 2009, Bank SNORAS loan portfolio grew by LTL 950.4 million (29 per cent) up to LTL 4,220 billion. Rapid growth is obvious in the sphere of business loans – last year Bank SNORAS portfolio of business loans grew by LTL 987.7 million (40 per cent) up to LTL 3,480 billion.

In 2010, Bank SNORAS deposit portfolio grew by LTL 1,352 billion (27 per cent) and at the end of the year comprised LTL 6,346 billion. Last year the sum of the companies’ deposits in Bank SNORAS increased by 55 per cent and stands at LTL 2,144 billion, while that of the household deposits – by 16 per cent and comprises LTL 4,202 billion.

The number of Bank SNORAS clients grew by more than 65 thousand last year and presently it comprises 1 million 154 thousand. Within last year,  the number of Bank SNORAS employees grew by 40 and now comprises 1,124 employees. This year, while carrying out expansion, SNORAS plans to employ 100 new specialists for work in various spheres.

Last year Bank SNORAS group was actively working while growing both assets and portfolios of loans and deposits, and also expanded its activity in the Lithuanian and foreign markets. It was determined by the fact that the bank’s group reduced the loss, which comprised LTL 20.2 million, by more than a double amount – by almost LTL 24 million. Bank SNORAS group loan portfolio grew by more than LTL 652 million (13.5 per cent) up to LTL 5,496 billion, while the deposit portfolio grew by LTL 1,992 billion (27 per cent) up to LTL 9,371 billion.

Last year the growing indicators of Bank SNORAS and the bank group’s finances and activity, investments, the implemented technologies and innovations helped to receive international recognition as well. “World Finance” – the international magazine published in Great Britain – recognized Bank SNORAS group as the best banking group in the Baltic States in 2010 (“Best Banking Group Baltics – 2010”). Moreover, the world banking and finance magazine “The Banker” awarded an exclusive title to Bank SNORAS – it was recognized as the best bank in Lithuania in 2010.