Libra Bank profit drops eight-fold due to network expansion costsPublish date: Astazi, 26-08-2008
Network expansion costs have reduced Libra Bank's profit eight-fold, to €13,328 in the first half of 2008.
The bank is focused on liberal professions and has been targeted for takeover by several Spanish banks. Profitability increased 125 percent in July, to some €30,000. The bank posted profit in excess of €870,000 in 2007, after three consecutive years of losses.
Libra Bank had a market share of 0.3 percent in terms of assets at the end of 2007. Its market share advanced 9.5 percent in H1 2008, to €123 million.
Of total loans, 35.4 percent were for liberal profession clients (physicians, pharmacists, accountants, architects, psychologists) and 46 percent to small and medium-sized companies. Deposits were worth €128 million in H1, some 6 percent lower than in the first six months of 2007.
The number of clients increased 47.8 percent on the liberal profession segment, to 7,076 clients on 30 June 2008. The bank will continue to focus on increasing productivity this year.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei