Eurom Bank misses target

Eurom Bank concluded 2004 with net profits of 48bn ROL (1.2 million euros), according to preliminary financial results calculated under Romanian Accounting Standards. The bank’s profit calculated in euros is 70% higher than in 2003, but is less than half what the bank had budgeted for early in 2004. Eurom officials say the profit was lower than expected because of the investments made last year and the narrowing of the spread between rates of interest charged and offered. “We made a lower profit than expected in the budget because of the narrowing of the interest rate spread and also because we invested in the expansion of our network and the launching of new products” said Alexander Regenbogen, the bank’s deputy chief executive. The bank’s initial target was 110bn ROL (2.7 million euros) in net profits for 2004. ZF