Snoras, Lithuania's fourth-biggest commercial bank, posted an audited net profit of 10.55m litas(Ђ3.057 m)for 2002, compared to 4.51 m litas for 2001.
The audited profit of the Snoras group reached 10.28m litas last year, up by 270 per cent compared with 2001. The group is comprised of the bank and its subsidiaries Snoro Lizingas (Snoras Leasing), Snoro Garantas (Snoras Guarantee)and Vilniaus Kapitalo Vystymo Projektai (Vilnius Capital Development Projects).
The group is expanding its presence this year by setting up a subsidiary to deal with industrial factoring and leasing.
Raimondas Baranauskas, chairman of Snoras' management board, said last year's performance results reflect an increasingly significant role of Snoras and its subsidiaries on the country's financial services market.
