CEC beyond target

Casa de Economii si Consemnatiuni (Romanian Savings Bank – CEC) made 361.4bn ROL (9.4 million euro) net profit in the first nine months of this year, 80.7% more than in the same time in 2002, when this indicator reached 200bn ROL. CEC’s management believes this is a good result, considering it had estimated some 170bn ROL as full-year gross profit for 2003. The bank granted nearly 130,000 credits to individual clients throughout the above-mentioned interval, as well as 753 loans to corporate clients. CEC’s share capital amounts to 1,497bn ROL, fully held by the Public Finance Ministry. ZF