Non-audited profit of SNORAS in Q1 of 2003 has exceeded the target by 60 per cent.
In Jan-March the bank made LTL 2,4 million of non-audited profit (cp. planned LTL 1,5 million). Taking into consideration that this year the bank is not targeting for a high profit and is aiming itself at the implementation of a number of investment projects, these figures evidence that SNORAS operation at the beginning of the year was quite efficient. Speaking about the investment projects we can name the plans to renovate the head office and Vilnius Branch, transfer Kaunas and Utena Branches to new modern premises and establish approx. 30 new minibanks. These projects will be implemented using the internal bank resources following the placement of the new stock issue.
At the end of March SNORAS assets totalled LTL 1,143,2 million (Q1 growth is over 43 million). During last 12 months (starting 1 April 2002) the assets have grown by LTL 205 million or 21.8 per cent.
During the reporting period the deposits and L/C grew by nearly LTL 76 million (9.3 per cent; cp. LTL 814,9 million as of 01.01.2003) and at the end of March reached LTL 890,8 million. The volume of deposits (both, time and demand) has increased as well: those of residents has grown by LTL 13,8 million and of non-residents – by LTL 18 million.
Individual deposits grew by 10.6 per cent (LTL 58,5 million) and reached LTL 612,4 million at the end of March. Within 12 months the growth made LTL 120,8 million (24.6 per cent). Mainly it was due the increase of time deposits; as of 1 April 2003 they totalled LTL 471,2 million.
SNORAS takes specific attention to the diversification of its credit portfolio in term of borrowers location. In this respect, Lithuanian companies are the bank’s lending priority: advances to residents have grown by nearly LTL 130 million, while those to non-resident have reduced by almost LTL 52 million. As of 31 March the credit portfolio amounted LTL 682,8 million (Q1 reduction is LTL 14,2 million or 2 per cent; cp. March 2002 – LTL 604,7 million). However, the year growth makes LTL 78,1 million or 12.9 per cent. As of 01.04.2003 special provisions to cover possible losses made LTL 17,5 million or 1.5 per cent of the total assets; Q1 growth is LTL 1,7 million.
As of 01.04.2003 the breakdown of advances by exposure was as follows: standard (a “0” risk level) – 72.91 per cent; possible risk (0) – 16.05 per cent; increased risk (0.2) – 9.53 per cent; doubtful (0.4) – 1.36 per cent; and bad (1) – 0.15 per cent.
During the reporting period the capital grew by LTL 2,4 million and made LTL 175,1 million. It is the third result among other Lithuanian banks.
SNORAS ROA exceeded the estimates and made 0.86 per cent; ROE reached 5.51 per cent (cp. 0.53 and 3.45 estimated).
The bank observes all norms and standards set by the National Bank of Lithuania: SNORAS liquidity equalled 46.9 per cent (legal min. is 30 per cent), capital adequacy – 17.14 per cent (legal min. – 10 per cent) and open position – 11.91 cent (legal max. – 25 per cent). Besides, the bank observes the requirement on the maximum exposure to one borrower and the total amount of large loans.
During Q1 the customer base grew by 8 per cent (26,7 thousand) and now totals 364,8 thousand private and corporate clients, where cardholders exceeds 236 thousand (139 thousand use local chip cards and almost 97 thousand – international payment cards; the growth is 0,5 thousand and 29 thousand accordingly). The total turnover on all cards issued by the bank made LTL 282,7 million (cp. Q1 2002 – LTL 249,7 million).
As on 01.04.2003 the number of SNORAS ATMs was 251 and that of POS terminals reached 1877. The bank service network numbers ten branches located in all regional centres of Lithuania and 179 minibanks (three new ones have started their operation in Vilnius and the city of Rokiskes; besides, minibanks in Kursenai, Vilkaviskes and Visaginas were equipped with the second work place).
