The 21 million lei loss calculated under Romanian Accounting Standards (RAS) translates into 1.2 million euros loss under International Financial Reporting Standards (IFRS).

“The slowdown was caused by the opening of new units last year, which need several more months to develop their business, but also by the differences between international and Romanian standards,” explained Manea.

According to the 2009 business plan, which the bank is committed to follow, the gross profit is expected to grow by 191 percent versus 2008, to 12 million lei.

Manea mentioned the lender's solvency ratio stood at 30 percent at the end of March and the bank did not need additional capital. The minimum rate is of 8 percent, but the central bank set the benchmark level at over 10 percent between 2009 and 2010.

The bank’s total assets amounted to 1.1 billion lei at the end of March, while the credit portfolio equated 662 million lei under RAS.

The credit portfolio reached 599.7 million lei at the end of 2008 while deposits stood at 196.9 million lei.