CEC posts 11.5m-euro net profit

The Romanian Savings Bank (CEC) ended its second restructuring year with net profit exceeding 483bn ROL (some 11.5m euros), up 108% from 2002, according to CEC officials. “The result is very good, considering last year’s budget had scheduled only 154bn ROL in net profit, whereas the institution was undergoing its second restructuring year,” CEC president Constantin Teculescu (photo) said. According to CEC officials, the institution estimates to post similar profit this year. CEC’s restructuring programme began in 2002 and aimed at personnel downsizing and shutting down loss-generating branches. ZF