EximBank''s 2009 profit up 1.8 times

EximBank said its 2009 pre-tax profit had risen to 1.8 percent from a year earlier to 170 million lei, on 16% increase in assets to 3.4 billion lei.

EximBank recorded a pre-tax profit of 170 million lei in 2009, 1.8 times higher than a year earlier, despite the challenging conditions in the banking industry.

The total value of guarantees issued by the bank totaled 520 million lei at the end of 2009, 3.4-fold higher than end-2008. The largest share of these guarantees was geared towards private sector companies, mining and electricity businesses in particular.

“We believe we have managed to boost the bank’s support for both private and public companies in Romania. We have reduced travel spending, and investments and took a new approach to marketing and customer service, improved cash flow and reduced loan approval period”, said Ionut Costea (photo), president of EximBank.

EximBank’s assets increased by 16% in 2009, to 3.4 billion lei, while the asset profitability index stood at 4.3% at the end of last year, versus the industry average of 0.24%.

Doubtful loans account for a mere 0.3% of the bank’s total lending, below the 1.46% level registered across the entire banking system in Romania.

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