Romania's Banca Carpatica posts 59% smaller net profit in 2007 on expansion expenses

Romania's Banca Comerciala Carpatica (BCC) posted a 58.6 percent lower net profit last year from the previous year undermined by investments with the expansion of its territorial network, a release reads.

The lender's net profit stood at 19.28 million lei (5.7 million euros) in 2006. Its gross profit tumbled 55.5 percent to 9.34 million lei, while its assets grew 40 percent  to 2.28 billion lei at the end of last year from 2006.

The lender's loans portfolio advanced 55 percent to 1.284 billion lei from 829 million lei in 2006. The volume of deposits increased 50.1 percent to 1.74 billion lei.

BCC increased its capital twice towards the end of 2007 which altogether brought the share capital to 178.8 million lei.

BCC had 245 units, 222 ATMs and 45 exchange ATMs at the end of 2007.

The bank's shares closed today at 0.308 lei leading to a 501.08 million lei capitalization. The lender's shares are listed on the first tier of the Bucharest Stock Exchange under the BCC symbol.

NewsIn