Granted credits boost Romanian banks' profitsPublish date: 05-11-2007
After the first nine months of this year, the Romanian retail banks posted increased profits, in the context of an advance of the portfolio of granted credits or a development of the banks' business lines.
At the same time, the increase of the credit portfolio may be assigned to the application of the own crediting norms by the banks that reported their results for the first nine months of 2007. Thus, the Romanian Commercial Bank, the biggest bank in the system, according to the asset value, registered a net profit of 219.6 million euros at the end of the third quarter of 2007, 21.2% more than the same period of 2006.
At the same time, the bank reached a 9.69 billion euros volume for the client credits portfolio volume, a 31.8% increase against the same period of 2006. CEC's net profit in the first nine months was 70 million lei this year, over twice as much as in the same period of last year, in the context of a 65% advance of the portfolio of credits granted to non-banking clients.
A substantial advance of the net profit in the first nine months was also registered by Transilvania Bank, 58.2% on the similar period of 2006, to a level of 39.78 million euros. The total incomes of the bank exceeded 500 million euros in the first nine months of 2007, an 82.10% increase against the similar period of 2006, and the total expenses of the bank in the first nine months of 2007 exceeded 453.8 million euros, an 83.7% growth. The advance in the first nine months of 2007 was also due to the start of crediting population by own norms.
As regards the results achieved after the first three quarters by Bancpost, the profit of this credit institution grew by 60%, to 172 million euros, while the loan portfolio increased by 101%, to 2.8 billion euros, as compared to the same period of 2006.
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