Bancpost, the domestic arm of Greek group Eurobank EFG, last year generated net income worth 28.8m euros, up around four times compared with the level reached in 2006.
The bank's assets soared by 60%, after Bancpost climbed to the fifth position in the ranking last December.
The parent company reported assets worth 4.8bn euros for the Romanian market in Athens. They include both the externalisation of financing released by Bancpost and the activity of the group's other domestic subsidiaries.
"In 2008, just like last year, we expect to register a growth rate that is at least 10% above the market's, both in terms of assets and loans. We are trying to develop much faster than the market average in terms of profitability because we need to catch up after restructuring," Mihai Bogza, chairman of Bancpost board, told ZF.
Although it accounted for almost 5.3% of assets in the banking system last December, Bancpost generated just 3.5% of profit.
According to the Eurobank data published in Athens, Bancpost and the other domestic subsidiaries last year registered operating revenues worth 245m euros, with Romania being the largest market in the New Europe region for the Greeks.
However, gross income generated in Romania stood at just 37m euros, whilst the Bulgarian subsidiary derived 54m euros.
Extremely high operating expenses, estimated to be worth 176m euros, affected domestic market gains.
According to Bogza, the restructuring process is almost complete, with just a few agency relocations to be finalised and the remodelling of some locations scheduled this year. Bancpost now operates a network of 237 retail branches and 18 business centres that are dedicated to corporate customers.
In December 2007, Bancpost posted a loan volume worth 2.3bn euros, up 70% against the end of 2006.
Bogza refused to comment on this yea
