OREANDA-NEWS. November 14, 2011. Within the three quarters this year, Bank SNORAS earned LTL 7,079 million of unaudited net profit – by 18.6 per cent more than in the same period last year when LTL 5,968 million profit was gained. Bank SNORAS group also worked profitably – LTL 5.60 million of unaudited net profit was earned, reported the press-centre of Bank SNORAS.

“The financial sector in Lithuania is currently quite competitive; however, we are working profitably despite the uncertainty concerning the national economy growth which will possibly slow down and concerning the euro zone outlook which is so far unclear.  This year we have been working quite actively in the debt securities market; therefore, the nearest goals are to seek niches for the activity expansion and to successfully engage the attracted funds while crediting business and residents,” states Raimondas Baranauskas, the President of AB Bank SNORAS.

The assets of Bank SNORAS within three quarters of 2011, in comparison to the same period last year, increased by 13.6 per cent (LTL 978.4 million) and reached LTL 8,141 billion. The greatest impact on the growth of the bank's assets was made by the funds attracted during the new shares emission and by the successfully distributed debt securities.

This year the bank distributed the entire new shares emission of LTL 380,083 million nominal value and attracted through it an institutional investor – the alternative investment fund “JFP Emerging Europe Momentum Fund” managed by the British company “Jubilee Financial Products”. This year within January – September alone, Bank SNORAS distributed deposit certificates for LTL 317.76 million, while bonds – for LTL 260.03 million. 

Within a year Bank SNORAS shareholders' property increased by 2 per cent (LTL 10.7 million), up to LTL 604.3 million.

The deposit portfolio of Bank SNORAS within three quarters this year, in comparison to the same period last year, grew by 1 per cent (LTL 74.7 million), up to LTL 6,077 billion, the loan portfolio diminished by 6 per cent (LTL 233.7 million), down to LTL 3.699 billion. Bank SNORAS continued to actively credit business; however, the decrease of the loan portfolio was conditioned by the decision to sell a part of loans.

Within a year the net interest income of the bank doubled (LTL 53,151 million) and stood at LTL 105,259 million.
 
Bank SNORAS, while conservatively assessing the loan portfolio risk, within the three quarters this year made LTL 35.8 million provisions.

Bank SNORAS, managing the largest network of 258 customer service subdivisions in Lithuania, continued performing its expansion – the new branch outlet in Silute and the customer service subdivision in Kaunas Airport opened its doors.   Moreover, presently 339 ATMs of Bank SNORAS operate in the country.

Within a year, the number of Bank SNORAS clients has grown by 51 thousand and on 1 October this year it reached the total of 1,187 million. The bank has issued to the customers almost 485 thousand payment cards, while the turnover in the card accounts within a year increased by 15.5 per cent (LTL 572,845 million), up to LTL 4,272 billion.

Bank SNORAS was also actively creating new workplaces. The Bank accepted new employees to information technologies and other subdivisions as well as invested in the customer service network.

In the beginning of October 2011, 1233 employees worked in Bank SNORAS, their number grew by 133 within a year. In Bank SNORAS group companies, including the bank, 2536 employees worked as of 1 October, or by 205 specialists more than a year ago.

The assets of SNORAS group within the three quarters this year, in comparison to the same period in 2010, grew by 11.9 per cent (LTL 1,205 billion) and reached LTL 11,361 billion. The group's loan portfolio within a year decreased insignificantly (by 1.7 per cent, or by LTL 94.4 million), down to LTL 5,323 billion, while the deposit portfolio grew by 3.6 per cent (LTL 316.8 million), up to LTL 9,076 billion.