Slower progress for HVB Bank

HVB Bank Romania, the branch of the German group, has negatively revised its profit growth estimate for this year. Dan Pascariu, chairman of the bank, stated that the net profit estimated for this yearend, would exceed 8m euros. However, this would mean a progress of only about 12.6% from the 7.1m euro net profit posted last year. The bank management was expecting 25% – 30% profit increase in real terms this spring. Moreover, the growth pace could be slower than in 2002. The bank posted 141bn ROL (3.74m euros) net profit in H1, 22% up in nominal terms from the year-ago period. Attaining the 8m euro revised profit target would require the profit in H2 to be more than double the one in H1. ZF