Banca Romaneasca hits all-year projected profit in H1 alone

The net profit of the Banca Romaneasca, the player which holds the 11th place in the banking system depending on assets in 2007, trebled in the first half of the year, because of a rise in the revenues from interests, its value, worth 14 million euros, being close to the target projected for the gross profit for the entire year.
Major shareholders of Banca Romaneasca projected for 2008 a gross profit worth 56.89 million lei (16 million euros). The bank reported a growth pace of extention of loans above the average of the market, the balance of the extended loans advancing 86% in the aforementioned period, up to 1.96 billion euros, considering the down payment for the loan extension was made mainly for mortgage loans and for corporations.
Petru Rares member of the managing board says that the activity of the bank grew in a much swifter pace than the market’s. Banca Romaneasca set a growth strategy for the market share with a view to mirroring the potential of the mother-bank. The bank’s representatives target for this year a market share depending on assets of 3.5% considering in 2007 they held 2.7% of the market.
The net profit of the players held by National Bank of Greece (NBG), the biggest credit institution in Greece, accounts for some 16% of the total profit of Greek banks in Romania, in H1, daily Business Standard reports.
Banca Romaneasca holds 15% of the total loans extended to Romanians by the Greek banks which are activating on the Romanian banking market, worth 13.13 billion euros. The share held by the bank on the market of loans grew by 1% to 4.1%. The bank’s portfolio of deposits increased 17% to 679 million euros. At the end of H1, Banca Romaneasca had 127 branches, with 39 units more as against the same period in 2007, whereas the number of employees grew by 308 people, reaching 1,602 people.

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