Sanpaolo makes 2.8m-euro profit

Sanpaolo IMI Bank, the 22nd largest bank on the market in terms of assets, posted a net profit worth 2.82 million euros in the first half of the year, accounting for 67% of last year’s total profit. On June 30th, the bank had assets worth 248.3 million euros, 24% more than at the end of 2005. Three months into the year, Sanpaolo had preserved a 0.6% market share, managing to keep up with the growth pace of the market. “The results of the first six months reflect the growth strategy adopted by the Romanian subsidiary of the Sanpaolo IMI group, the third largest banking group in Italy,” says Marco Capelini, general manager of Sanpaolo IMI Bank Romania. The local branch of the Italian group has a portfolio of credits worth 132.5 million euros, with volumes seeing a 21% increase against 2005 halfway through the year. At the same time, deposits attracted went up 19% to a total of 121.3 million euros. The bank currently promotes a real estate credits offer, with a variable interest of 8.5% per annum, with the clients targeted including individuals who work in Italy. As a matter of fact, this client segment has also caught the eye of the other Italian banks present on the market, as UniCredit and Banca Italo-Romena agreed to accept incomes made on the basis of work contracts closed in Italy. Since the beginning of the year, the bank has expanded its territorial network by six branches, so that is now operating 32. The biggest concentration of branches is in Transylvania, given that in 2002, Sanpaolo took over the structure of the former regional bank West Bank, set up in 1996.