Romanian Savings Bank doubles net profit in 2007, to EUR 24.7m

Romanian Savings Bank (CEC), the country's oldest state-owned lender, doubled net profit last year against the previous, reaching 90 million lei (24.7 million euros) and plans to remain on profit this year, the head of CEC, Radu Gratian said.

CEC posted 39.8 million lei net profit in 2006, nine-fold boost against 2005.

The bank will make significant investments this year to spruce up the bank, said Ghetea. It will also provide flexible services for clients, he added.

CEC's assets exceeded 10 billion lei at the end of January 2008, up 37 percent against the 7.1 billion lei posted in 2006. Loans granted to clients saw a 53 percent increase last year against the previous, reaching 4.89 billion lei. As many as 3.7 billion lei were given to people, while the rest to companies.

CEC collected deposits of 8 billion lei at the end of 2007, 37 percent more than in the previous year.

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