13.2m-euro gross profit for Banca Romaneasca

Banca Romaneasca, the local branch of the National Bank of Greece, last year posted a gross profit worth 13.2 million euros. The bankes total revenues climbed by 30% last year, to 51.1 million euros, according to data published in Athens by the parent bank. In 2005, the bank made a 4 million-euro gross profit, while the net income stood at 3.6 million euros. At the time, the bankes officials explained the fall in profit compared with the previous year by the increase in provisions as a result of the modification of the NBRes legislative framework. The Greeks succeeded in visibly improving the profitability of their local branch, even amid an aggressive territorial expansion. In 2006, Banca Romaneasca opened 32 branches, reaching 76 branches and offices in December. The aggressive investment plan continues this year, with the bank planning to operate 150 branches by 2008. The territorial expansion sustained the rapid expansion for funding; in December, the volume of credit granted by Banca Romaneasca reached 670 million euros, 68% above the level witnessed at the end of 2005.