Eurom Bank makes 1m euros in H1

Eurom Bank made 40.6bn ROL (about one million euros) in net profit in the first half. The bank’s management set the full-year net profit target at 110bn ROL for 2004, compared with only 6.6bn ROL in 2003. The bank’s total assets amounted to more than 3,300bn ROL at the end of the first six months, with financial assets accounting for 2,929bn ROL of this figure. The credit portfolio rose 40% to 1,829bn ROL. Eurom Bank’s deputy chief executive Alexander Regenbogen said most of the funding was in the form of short-maturity commercial loans. Most loans are rarely in excess of one billion ROL. The bank’s development strategy includes launching no-cash payment instruments like cards and Internet Banking, as well as entering the mortgage credit market. Regenbogen feels that the bank needs to first increase its capital by 5 to 10 million euros if it wants to fund mortgage credits. ZF