Eximbank profits higher than expected

Romania’s Export and Import Bank (Eximbank) last year made gross profits of 422bn ROL (some 10.4 million euros). This is higher than initial estimates, which predicted gross profits of around 10 million euros. Last year’s results means the profit rate for the bank reached 21.14% in 2004. Eximbank backed 2.4bn dollars’ (1.84bn euros’) worth in exports last year. The institution intends to reduce the amount of time it takes to obtain export guarantees. They will be issued by the bank directly, following approval from the Interministry Committee for Foreign Trade Credits and Guarantees. The bank has allocated 3,430bn ROL (91.5 million euros) from the state budget for stimulating exports this year. Eximbank has a share capital of 851.3bn ROL and its main shareholder is the State, which controls 87.4%. It has six branches around the country: in Bucharest, Timisoara, Constanta, Cluj-Napoca, Brasov and Bacau. ZF