Investments in development erode ProCredit's profit

After the first six months, ProCredit Bank owned assets worth a total of almost 180 million euros, an approximately 82% increase in euros, against the same period of last year. “We have a good market share on our segment but there is still much room for growth,’ says Michael Kowalski, general manager of the bank. He says the assets growth target for the end of the year had been set at 200 million euros, but that the target would probably be raised. Halfway into the year, the bank had logged a net profit worth 0.33 million euros, approximately one third of the profit in June 2005. Kowalski says the drop in profit had to do with the investments in development and thinks it will be difficult to achieve a similar income in 2006.