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2008-04-22
Bankas SNORAS earned almost LTL 17 million profit during the first quarter this year
On 1st April this year, the profit earned by Bankas SNORAS amounted to LTL 16.9 million - 23.1 per cent more than in the same period last year. The bank's assets comprised LTL 5.8 billion - LTL 1.2 billion or 26.6 per cent more than on 1st April last year. Within the last twelve months, the loan portfolio of Bankas SNORAS almost doubled (by 92 per cent) or by LTL 1.22 billion, which stood at LTL 2.6 billion on 1st April 2008.
"During the first quarter, the growth of Bankas SNORAS earned profit was mostly conditioned by the increased net interest income and grown net services and commission income. Within the past twelve months, there was an especially rapid growth of Bankas SNORAS loan portfolio for legal persons. Having created the competitive and flexible financing conditions for corporate clients, we have attracted a new circle of customers - big companies implementing large-volume business projects", Raimondas Baranauskas, the President of Bankas SNORAS, states.
In January - March 2008, the net interest income of Bankas SNORAS increased up to LTL 30.3 million (15.9 per cent in comparison to the first quarter of 2007), and the net services and commission income grew up to LTL 15.4 million (3.2 per cent).
During the past twelve months, Bankas SNORAS loan portfolio for corporate clients increased by 118.9 per cent or LTL 0.89 billion and on 1st April this year it amounted to LTL 1.6 billion (on 1st April 2007 - LTL 0.75 billion). At the end of the first quarter this year, the loan portfolio for residents stood at LTL 0.91 billion and it was by 57.3 per cent larger than in the same period last year when this portfolio comprised LTL 0.58 billion.
Bankas SNORAS residents' deposit portfolio grew by one-third (33.3 per cent) within the past twelve months and on 1st April this year it reached LTL 2.63 billion (on 1st April 2007 - LTL 1.97 billion). The joint deposit portfolio of the bank amounted to LTL 4.28 billion at the close of the first quarter this year - 26.6 per cent more than in the same period last year when the joint deposit portfolio stood at LTL 3.38 billion.
In the first quarter this year the return on Bankas SNORAS payment cards exceeded one billion Litas - it comprised LTL 1.10 billion and was by 27.8 per cent larger than in the same period last year.
"The first quarter of this year was significant to Bankas SNORAS not only in the fast growth of financial factors but also in that we finished the new stage of the foreign expansion of the bank - in March Bankas SNORAS opened the first branch of the bank abroad founded in Tallinn. The beginning of this year was also important in assessing the increase of the number of clients. Since the number of the bank's clients exceeds one million, we can boldly say that every third resident of the country uses the services of Bankas SNORAS," R. Baranauskas maintains.
The subdivision of Bankas SNORAS opened in Tallinn on 14th March this year is the first branch of the Lithuanian commercial bank in Estonia and it replaced the representative office which was representing Bankas SNORAS in Estonia for three years.
As of 1st April this year Bankas SNORAS provided its services to the total of 1,018 million clients. At the end of the first quarter, the number of Bankas SNORAS employees reached 1129.    

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AB Bank SNORAS
7 A.Vivulskio Str. LT-03221 Vilnius
Phone: + 370 5  239 2239
Fax: + 370 5  232 7300
E-mail: info@snoras.com
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