Bancpost misses profit target

The local subsidiaries of Greek group EFG Eurobank, starting with Bancpost, and continuing with EFG Retail Services, EFG Eurobank Mutual Funds Management Romania, EFG Eurobank Finance, EFG Eurobank Securities, EFG Eurobank Leasing and EFG Eurobank Property Services posted a net profit worth 4.3 million euros in 2006, according to data published by the parent bank in Athens, EFG Eurobank. Mihai Bogza, chairman of Bancpost, says the bank’s financial results have not yet been finalised, therefore they cannot be revealed, but estimates last year ended with a profit. In 2005, the bank witnessed net losses worth 2.2 million euros due to restructuring costs. In any case, given the figure announced in Athens for all subsidiaries, Bancpost results are much lower than the 15 million-euro profit target announced halfway through the year by the local management of the bank. The profit witnessed a clearly slower growth in the second half of the year, considering that after the first half of the year, the parent bank announced a figure of 3.4 million euros, accounting for almost 80% of the annual profit.