OREANDA-NEWS. August 16, 2011. According to the unaudited data, AB Bank SNORAS during the first six months this year earned LTL 7.2 million of the net activity profit or by 43 per cent more than within the same period last year. The net profit of Bank SNORAS group reached LTL 14.9 million, whereas during the first half of last year it incurred LTL 21.7 million loss, reported the press-centre of Bank SNORAS.

In comparison to the results of the first half of 2010, the main indicators of Bank SNORAS grew consistently. The assets of the Bank increased by more than LTL 1.277 billion (19 per cent) and reached LTL 8.093 billion. The growth of Bank SNORAS assets was mostly conditioned by the funds attracted during the new shares emission, the increased customer deposit portfolio and the successfully issued debt securities.

“This year the Bank's indicators continue to grow in a stable way, while its activity is profitable. We do hope to achieve even better results in the second half of this year. Both the resurgent market and the successfully implemented tasks of the Bank in the sphere of securities will allow us to more actively credit prospective projects of business companies and residents as well,” states Raimondas Baranauskas, the President of AB Bank SNORAS.

The Bank deposit portfolio compared to the first part of the year in 2010 increased by LTL 495 million (9 per cent) up to LTL 6.132 billion . The shareholders' property in the comparative period grew by LTL 94 million (18 per cent) up to LTL 604 million. The Bank loan portfolio remained unchanged and comprised LTL 3.837 billion within the mentioned period.

SNORAS group assets, in comparison to the data of the first half of 2010, grew by LTL 1.709 billion (17.6 per cent) and reached LTL 11.39 billion. The group's loan portfolio insignificantly, i.e. by 1.3 per cent, decreased down to LTL 5.553 billion, while the deposit portfolio grew by LTL 809 million (9.7 per cent) up to LTL 9.109 billion.

This year the Bank is also an active participant of the securities market. On 26 April 2010, Bank SNORAS distributed the entire shares emission of LTL 380,083 million nominal value and thereby attracted a new institutional investor – the alternative investment fund “JFP Emerging Europe Momentum Fund” managed by the British company “Jubilee Financial Products”. The demand for Bank SNORAS shares in the last distribution stage of the new shares exceeded the offer by 2 times.

During the first six months of this year, Bank SNORAS distributed 4 emissions of one-year fixed interest bonds and thereby attracted LTL 98.3 million for the activity expansion.

During the first half of this year, the Bank was successfully developing the spectrum of both banking and non-banking services. Since April this year, Bank SNORAS began performing settlements in the Chinese yuan in the bank “Bank of Communications Co., Ltd” registered in the People's Republic of China. It is also already possible to obtain the supplement codes of the mobile connection operators' accounts. Since May this year, seeking to improve the quality of the provided services, the Bank offered to its clients to use the telephone banking.

During the first half of this year, Bank SNORAS, managing the largest network of 257 customer service subdivisions in Lithuania, continued its expansion. A new branch outlet opened its door in Silute as well as the customer service subdivision in Kaunas airport. This year it is also planned to finish about LTL 10 million worth construction of the new bank branch in Utena. Presently 339 ATMs of Bank SNORAS operate in the country.

On 1 July 2011, Bank SNORAS provided its services to 1,174 clients or by 57 thousand more than in the corresponding period last year. Within a year the number of Bank SNORAS corporate clients increased by 2.4 thousand. At the beginning of July 2011, 1,176 employees worked in Bank SNORAS.

Bank SNORAS has issued almost 500 thousand valid payment cards. The turnover in the card accounts within the six months grew by 26.6 per cent or by LTL 460 million and comprised more than LTL 2.41 billion.

AB Bank SNORAS executes all standards and requirements established by the Bank of Lithuania, which limit the banks' activity risk. At the end of the first half of this year, the capital adequacy indicator of the Bank reached 10.45 per cent (the minimum requirement of the Bank of Lithuania is 8 per cent), while the liquidity indicator comprised 47.45 per cent (the established minimum value of the indicator equals 30 per cent).

Bank SNORAS was active not only in the financial markets but also in the social activity. SNORAS Support Fund, established at the beginning of this year, has contributed financially to arranging the delivery of the collection of works of Arbit Blatas, the eminent Lithuanian artist of the Jewish descent, and the exhibition “Arbit Blatas. Return to the Homeland”. The fund also allocated money for issuing a special album.