CR Firenze Romania boosts losses by 22% in 2008

CR Firenze Romania, former Daewoo Bank, hiked losses by 22 percent year-on-year in 2008, to 11.12 million lei, despite the incomes had increased more than the spending, financial results show.

The lender saw losses of 9.09 million lei in 2007, NewsIn informs.

CR Firenze saw revenues boost by 70 percent in 2008 to 52.97 million lei, of which 6.43 million lei came from fees and 39.9 million lei from interests. Expenses added 59 percent to 64.1 million lei.

The bank's assets totaled 490 million lei at the end of last year, up 15 percent over the previous, as credits rose by 22.9 percent year-on-year, to 300.7 million lei.

Deposits amounted to 151.8 million lei at the end of December 2008, a 20 percent increase over the previous year. The lender's reserves idled at 10.28 million lei.


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