ATEbank Romania sees 12 mln lei pre-tax profit in 2009

ATEbank Romania, the unit of the state-controlled Greek lender Agricultural Bank of Greece SA, estimates to boost its gross profit three-fold this year over 2008 to 12 million lei, on 16.5 percent higher incomes, the bank's business plan for this year shows, NewsIn informs.
The lender posted a gross profit of 4.13 million lei at the end of 2008.

ATEbank also estimates to count total incomes of 134.6 million lei and expenses of 122.6 million lei this year versus the 115.6 million lei incomes and 111.4 million lei spendings recorded in 2008.

Retail credits could add 21.5 million lei, while loans granted to companies could idle at the same level as in the previous year. The bank's credit portfolio amounted to 599.7 million lei last year. It also plans to hike deposits from clients by 64.5 million lei, from the 196.9 million lei level in 2008.

As many as 13 units were set up last year and another seven will be opened in 2009. The bank counted 25 units at the end of 2008. Also, the Romanian lender plans to externalize credits worth only 20 million euros to the mother-bank this year versus 131.2 million euros at the end of 2008.

Employees' wages will stay still in 2009, but expenses with salaries will hike as new people were hired at the new units opened.

ATEbank will benefit from a 43 million lei loan this year from one of its shareholders, International Finance Corporation (IFC). The contract was inked last year.

Shareholders of ATEbank Romania approved to hike the share capital in February 2008 through a subscription worth 20.47 million lei made by IFC, part of the World Bank. This way, IFC became shareholder of ATEbank Romania with a 15 percent stake.

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