Snoras passes symbolic threshold

  • 2004-07-28
  • Baltic News Service
VILNIUS - Assets of Snoras, Lithuania's fourth-biggest commercial bank, crossed the threshold of 2 billion litas (579.7 million euros).

As of July 23, Snoras' assets reached 2.1 billion litas, rising 15.8 percent from July 1 and by an astounding 57.2 percent from the beginning of the year.
In comparison, the aggregate assets of Lithuania's banking system grew by 14 percent from Jan. 1 to 25.1 billion litas.
Earlier Snoras, which is controlled by Russia's Konversbank, announced a preliminary net profit of 10.6 million litas for the first half of 2004, surpassing its full-year profit target of 9 million litas.
As of July 1, the bank's loan portfolio stood at 374.3 million litas, whereas deposits totaled 1.4 billion litas. Compared with Jan. 1, its loan portfolio declined by 20.6 percent, whereas total deposits surged by 36.2 percent. Residential deposits grew by 15.6 percent in the reporting period.