“The 2009 results were mostly conditioned by the influence of the recession upon corporate companies as well as by the unemployment which kept rising in the country throughout the year. However, despite the provisions for possibly ”bad“ loans, we ended the year profitably. The main purpose of the bank in 2009 was to strengthen the capital base, to optimize the activity expenditures. These goals have been achieved; therefore, in 2010 we will be able to carry out the main activity of the bank – crediting the business and residents – much more actively,” states Raimondas Baranauskas, the President of AB Bank SNORAS.

In 2009, the deposit portfolio of Bank SNORAS grew by LTL 1 billion and at the close of the year it comprised almost LTL 5 billion. During last year, the deposit portfolio of the bank increased by 28 per cent (the household deposit portfolio grew by 28 per cent, the legal persons’ portfolio – by 27 per cent). According to the data as of 31 December 2009, the number of the bank’s depositors-residents in Lithuania stood at 140 thousand or was by 21 thousand (15.7 per cent) higher than at the end of 2008.

The bank’s activity income within 2009 comprised LTL 239 million and was by LTL 29.5 million larger than in 2008. During the year, the bank reduced the activity expenditures by LTL 1.3 million (1 per cent).

Taking into consideration the situation in the market, in 2009 Bank SNORAS followed the conservative crediting policy. At the end of the year, the loan portfolio comprised LTL 3.269 billion and was by 5 per cent less than in 2008. During 2009, the bank formed LTL 88 million of additional provisions for risky assets.

In 2009, Bank SNORAS increased the capital base by more than LTL 146 million, considerably improving the prudential requirements and standards for the banks’ activity which were established by the Bank of Lithuania. The bank’s capital adequacy indicator grew by 1.12 per cent within a year and reached 11.25 per cent, while the liquidity indicator stood at 55 per cent at the close of the year.

At the end of 2009, Bank SNORAS provided its services to 1.089 million clients or by 51 thousand (4.6 per cent) more than at the end of 2008.  According to the data as of 31 December 2009, 1084 employees worked in Bank SNORAS.

The group’s loss for 2009 comprised LTL 47.8 million; the part of the loss pertaining to the bank’s shareholders – LTL 35.5 million. The group’s assets in 2009 grew by LTL 604.1 million (7 per cent) and amounted to LTL 9.055 billion at the close of the year. Since the beginning of the year, the group’s deposit portfolio has grown by 9 per cent and stood at LTL 7.382 billion. The total group’s loan portfolio has changed insignificantly (- 2 per cent) since the beginning of the year and the end of the period it comprised LTL 4.859 billion. The group’s expenditures for the provisions amounted to LTL 152 million within 2009.