OREANDA-NEWS. April 11, 2011. Fitch Ratings has affirmed Bank SNORAS ratings, including its Long-term Issuer Default Rating (IDR) of 'B+' with a Stable Outlook, reported the press-centre of Bank SNORAS.

Rating agency states that bank SNORAS was profitable in 2010, and there are positive trends in operating performance driven by strengthened net interest margin and controlled costs. According to Fitch asset quality have stabilized in 2010 and the bank benefits from large and stable customer deposit franchise and adequate liquidity.

Bank SNORAS audited annual net profits have increased by 14,3 per cent ( in comparison with 2009 annual results) and reached 9,993 million Litas. Bank assets have increased by 20,7 per cent. and reached 7,66 billion Litas, loan portfolio – by 29 per cent. and reached 4,22 billion Litas, total deposits – by 27,1 per cent. and reached 6,35 billion Litas. Bank SNORAS at 2010-end was the fifth largest bank in Lithuania by total assets with market shares of 9.4% in assets and of 17% in retail deposits. Bank operates the widest network in Lithuania, which consists of 254 banking outlets.

The ratings are as follows:

Long-term foreign currency IDR: affirmed at 'B+'; Outlook Stable;

Short-term foreign currency IDR: affirmed at 'B'

Individual Rating: affirmed at 'D/E'.