Bankas SNORAS group, which consists of Bankas SNORAS, AS„Latvijas Krājbanka" and 11 subsidiary companies in Lithuania and Latvia, earned LTL 64.51 million profit during the first quarter of 2008 - 3.6 times more than within the same period in 2007.
"The successful activity of Bankas SNORAS group was influenced by the rapidly increased number of clients of the group's companies, consistently and efficiently performed crediting policy and by the increase in value of the shares of Spyker Cars N.V. - the manufacturer of sports cars - which were acquired at the end of last year," - Raimondas Baranauskas, the President of Bankas SNORAS, states.
As of 1 April 2008, the assets of Bankas SNORAS group comprised LTL 8.29 billion and they were LTL 1.79 billion or 28 per cent greater than at the end of the first quarter last year when the group's assets stood at LTL 6.50 billion.
At the end of the first quarter this year, Bankas SNORAS group's loan portfolio reached LTL 4.45 billion and exceeded last year's results by LTL 1.73 billion or 63 per cent when the loan portfolio comprised LTL 2.72 billion. The fast growth of the loan portfolio conditioned the net interest income which was by 32 per cent larger than in the first quarter of last year - within the first quarter of this year the group earned LTL 53.11 million of the net interest income.
Bankas SNORAS group's deposit portfolio grew by one-fourth within the past twelve months - from LTL 5.26 billion a year ago up to LTL 6.57 billion at the end of the first quarter this year. The residential deposits grew the fastest and at the close of the accounting period they exceeded LTL 4 billion within a year and increased by 28 per cent.