Result:Non-audited profit of SNORAS earned in Jan-June has exceeded the target by 1 million and totalled LTL 4,1 million.
Business management:The business management was quite efficient during the reporting period: SNORAS’ ROA exceeded the estimates and made 0.74 per cent; ROE reached 4.73 per cent (cp. 0.53 and 3.55 estimated).
The bank observed all norms and standards set by the National Bank of Lithuania: SNORAS’ liquidity equalled 46.52 per cent (legal min. is 30 per cent), capital adequacy – 18.15 per cent (legal min. – 10 per cent) and open position – 8.29 per cent (legal max. – 25 per cent). Besides, the bank observed the requirement on the maximum exposure to one borrower and the total amount of large loans.
Clientele: Retail banking is one of the bank priorities and in this respect SNORAS aims at enlarging its customer base. Thus, during six months it grew by 16 per cent (52,7 thousand) and today almost reaches 391 thousand private and corporate clients. The number of customer transactions performed via the bank network exceeded 11 million, which is by 25 per cent more than during the same period of 2002.
Network: As of 01.07.2003 the number of SNORAS ATMs was 260 and that of POS terminals reached 1960. The bank service network numbered ten branches located in all regional centres of Lithuania and 183 minibanks (seven new ones have started their operation in Vilnius and in the cities of Rokiskes, Visaginas, Kaisiadorys, Trakai and Juodkrante); besides, nine functioning minibanks were equipped with the second work place).
Assets: At the end of June SNORAS assets totalled LTL 1,149,5 million (a half-year growth is 49,5 million or 4.5 per cent). During last 12 months (starting 1 June 2002) the assets have grown by almost LTL 183 million or 19 per cent.
Deposits: During the reporting period the deposits and L/C grew by LTL 70,7 million (8.7 per cent; cp. LTL 814,9 million as of 01.01.2003) and at the end of June reached LTL 885,6 million. The volume of deposits (both, time and demand) has changed as well: those of residents has grown by LTL 81,5 million and of non-residents reduced by LTL 10,7 million.
Individual deposits grew by 15.4 per cent (LTL 85,3 million) and reached LTL 639,1 million at the end of June. Within 12 months the growth made LTL 168,3 million (35.7 per cent). Mainly it was due the increase of time deposits; as of 1 July 2003 they totalled LTL 475,9 million.
Lending: 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: during the year advances to residents grew by LTL 84,2 million, while those to non-resident reduced by LTL 71 million. As of 30 June the credit portfolio amounted LTL 624 million As of 01.07.2003 special provisions to cover possible losses made LTL 18,8 million.
Payment cards: The number of bank cardholders exceeds 276 thousand individuals (137 thousand were using local chip cards and over 139 thousand – international payment cards). The growth during half a year was 70 thousand, and that is the second result on the market. The total turnover on all cards issued by the bank made LTL 581 million (cp. half-year 2002 – LTL 516,3 million).
Capital: During the reporting period the capital grew by LTL 4,1 million and made LTL 176,8 million. It is the third result among other Lithuanian banks.
