Retail doubles Romexterra profits

Romexterra Bank has concluded the first half of 2005 with 114% growth in gross profits, compared with the same period last year. The bank made 9.5 million RON (2.6 million euro) in gross profits in the first six months and its assets rose by 60% to a total of 708.2 million RON (196.7 million euros). The bank says the improved results are due to the business restructuring programme implemented last year and its marketing campaign. “We have reorganised our activity pretty well over the last few months. We have developed the retail aspect of our business, hence the increase in profits. We also managed to diversify our corporate segment business,” the bank chairman Adrian Radu told Ziarul Financiar. Until two years ago Romexterra”s main clients were the petroleum and gas companies, which are also its shareholders. It recently started diversifying its client portfolio in order to attract companies from other sectors. “The bank also benefited from the image campaign we ran,” Radu said. Romexterra also developed its card business this year by issuing Visa International and MasterCard International cards. In terms of number of cards issued and number of cash dispensers, Romexterra ranks 7th among the top 10 banks in Romania, its officials say. ZF