CEC (The Romanian Savings Bank), the last commercial bank to remain in the state's portfolio, has posted net profit worth 70 million RON (just above 21 million euros) in the first 9 months of the year.

Against last year's figure for the same period, net profit rose 112% in RON. The gross profit for the first three quarters of the year stood at 82.6 million RON (25 million euros), up 79% on results for the whole of 2006.

The bank's assets climbed 45% against September last year, to 8.88 billion RON (2.64 billion euros).

"Our September 30 results will enable us to focus on the strategic objectives we set out to achieve in our first phase of development, which will last until 2009, modernising the bank and rendering it more effective," says Radu Gratian Ghetea, president of the CEC.

CEC registered an asset increase of just 45% during the last 12 months, which means the bank is now ranked below Austrian-based Volksbank, which registered assets in excess of 2.72 billion euros in September, following a 166% growth. The network's rapid expansion, which sustained turnover growth, also helped Volksbank's profitability - the Austrians gained 16.2 million euros since the beginning of the year, up 60% against the same period last year.

The NBR (National Bank of Romania) no longer publishes data on the hierarchy of local banks, but, according to estimates made by players on the market, CEC has now dropped to tenth position, switching places with Volksbank.

CEC's credit portfolio has increased 65% since September last year, to 4.8 billion RON (equivalent to 1.4 billion euros). Deposits saw a slower rise (33%), to 7 billion RON (2 billion euros).

The CEC's credit card portfolio also registered development, issuing 400,000 credit cards in September.

CEC (The Romanian Savings Bank), the last commercial bank to remain in the state's