Banca Romaneasca's half-year earnings up to 2008 profit target

The net earnings of lender Banca Romaneasca, the 11th largest player on the local banking system in terms of assets, tripled year-on-year in the first half of 2008, due to higher revenue from interest.

The bank posted €14 million in net income, compared to the €16 million gross profit target established for the entire year.

The bank's growth on the lending segment was higher compared to the market. The loan balance amounted to €1.96 billion in H1, some 86 percent higher year-on-year. Most of the loans granted were mortgages and corporate loans.

Bank representatives target a 3.5 percent market share in terms of assets by the end of the year, compared to 2.7 percent in 2007.

Business Standard