During last year AB Bank SNORAS group earned LTL 41.7 million profit

Published: 24 February 2009 y., Tuesday

Snoras logo
AB Bank SNORAS group, which comprises AB Bank SNORAS, AB “Latvijas Krājbanka” operating in Latvia and 19 other companies, during last year, according to unaudited data, earned LTL 41.7 million profit.

The clients' trust towards Bank SNORAS group increased in 2008. Within last year, the private persons deposit portfolio grew by more than half a billion Litas (14 per cent). As of 1 January 2009, the residents deposit portfolio of Bank SNORAS group stood at LTL 4.2 billion. The total Bank SNORAS group deposit portfolio basically did not change and it exceeded LTL 6.7 billion at the end of the period.

The portfolio of the loans granted to Bank SNORAS group clients grew rapidly in 2008. On 1 January 2009, the group loan portfolio exceeded LTL 4.9 billion, and within a year it increased by more than LTL 0.8 billion (21 per cent). The loan amount for companies grew by LTL 0.8 billion (37 per cent) within a year and at the end of last year it exceeded LTL 3.0 billion. The loan amount for private persons did not change and at the close of 2008 it stood at LTL 1.9 billion.

The bank group assets decreased insignificantly within 2008 and at the end of last year amounted to LTL 8.5 billion.

“While assessing the achieved results and comparing them to the previous periods, we must consider the unusually fast changing environment on the financial markets, the market changes which occurred during this period and the enormous impact of these changes on banks, companies and residents. Having earned almost LTL 42 million profit, we evaluate the results achieved by Bank SNORAS group quite well. Under these circumstances, we especially value the increase of the residents deposit portfolio, which reflects the unchanging trust of the customers towards Bank SNORAS group. We are glad that we managed to maintain and rationally balance the loan portfolio growth, especially in the corporate client segment. It shows that our provided conditions for company financing and the bank products specifically designated for creating a medium and small business comply with the needs of Lithuanian and Latvian companies,” states Raimondas Baranauskas, the President of AB Bank SNORAS.

AB Bank SNORAS earned LTL 32.2 million of the net unaudited profit in 2008.

The residents deposit portfolio of the bank grew by more than LTL 0.4 billion (18 per cent) within last year and exceeded LTL 2.8 billion. The growth of the residents deposit portfolio was three times faster than the analogous market index (6.3 per cent). The total bank deposit portfolio decreased insignificantly and on 1 January 2009 it stood at LTL 3.9 billion.

Bank SNORAS portfolio of the loans granted to legal persons grew by LTL 0.7 billion or even by 38 per cent, and at the end of 2008 it exceeded LTL 2.4 billion. The business loan portfolio of the bank grew twice as faster than the entire business loan market of the country (17 per cent). The amount of Bank SNORAS loans for residents increased by LTL 0.1 billion (13 per cent) and reached a billion Litas at the end of the period. The total Bank SNORAS loan portfolio grew by LTL 0.8 billion (29 per cent) during 2008 and at the close of 2008 exceeded LTL 3.4 billion.

Bank SNORAS assets did not change within 2008 and comprised LTL 5.7 billion at the end of last year.

During last year, Bank SNORAS enlarged the most expansive customer service network in Lithuania by a new branch outlet in Kaunas, three mini-banks and 9 ATMs. In the spring last year, the reorganised Bank SNORAS branch, which was operating as the bank's representative office for three years, started its activity in Tallinn. On 1 January 2009, the number of Bank SNORAS clients reached 1,038 million, the number of the employees - 1170.

AB Bank SNORAS constantly executes all regulations stipulated by the Bank of Lithuania.    

Šaltinis: www.snoras.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

FDI in Lithuania Grew by 5 % and Lithuania’s Investment Abroad Increased by 14 %

Statistics Lithuania has calculated that, based on provisional data, FDI in Lithuania in 2009 amounted by 5.3 % more than in 2008. Also, direct investment of Lithuanian enterprises abroad grew by 13.9 % in 2009. more »

Fish industry voices concern over foreign fish and falling prices

Concerns about foreign fish being sold in Europe and what to do about the future of Europe's fisheries industry were aired in a hearing held by the Fisheries Committee on 8 April. more »

Future of European agriculture - have your say

EU opens public debate on its agricultural policy, the prelude to a major reform in 2013. more »

Commission launches €35 million call for projects that turn environmental challenges into business opportunities

The European Commission today launched a €35 million call for eco-innovation projects to be funded under the Competitiveness and Innovation Programme. more »

Bank SNORAS group consolidates the activity of the Baltic investment companies

Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States. more »

European Central Bank and European Commission hold joint conference on "financial integration and stability: the legacy of the crisis"

The European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main. more »

12 April 2010 - ECB signals a gradual recovery of the European financial integration process

Today, the European Central Bank (ECB) is publishing its fourth Report on Financial Integration in Europe, which notes the return towards integration in the European financial markets. more »

World Bank Group: Record US$100 Billion Response Lays Foundation for Recovery from Global Economic Crisis

World Bank Group financial commitments since July 2008, just before the full fury of the financial crisis hit, reached US$ 100 billion today as the institution helped countries respond to and recover from the global downturn. more »

IMF Executive Board Concludes 2010 Article IV Consultation with Serbia

On March 31, 2010, the Executive Board of the International Monetary Fund concluded the Article IV consultation with Serbia. more »

United Kingdom Contributes US$7.5 Million to Support IMF Technical Assistance in Statistics in Africa

The International Monetary Fund and the United Kingdom’s Department for International Development have launched a new project to improve macroeconomic statistics in 23 African countries. DFID will provide US$7.5 million over the next five years to support the project. more »