Volksbank Romania sees 80% boost in operational profit in 2007, to EUR 24.5m on more loans, assets

Volksbank Romania, the unit of Austria's Volksbank International AG, posted 80 percent higher operational profit last year against the previous, on growing number of loans and double assets, according to the company.

The company saw 24.5 million euros profit in 2007 versus 13.7 million euros in 2006.

Volksbank's assets rose 2.6 times last year, from 1.38 to 3.5 billion euros. Its loan portfolio rose 170 percent, to 2.21 million euros in 2007 against 802 million euros in 2006 and the bank's deposits hiked 70 percent in 2007, reaching 530 million euros.

Volksbank Romania advanced to the eighth position among banks by assets, with 5.06 percent market share in 2007, against 2.71 percent in 2006, when it reached the eleventh position.

The bank expanded its network with 55 units last year, to 135 and increased the number of franchises with 40, reaching 90 units. The bank counts a network of 225 units presently.

Volksbank Romania increased the share capital with 50 million euros this month, reaching 338 million euros. It plans to reach a 36 million euros operational profit this year, which would be a 50 percent boost against 2007.

NewsIn