Egnatia Bank Aims for 7 Mln EUR Net Profit, Invests 3.5 Mln EUR

Ziarul BURSA #English Section / 8 ianuarie 2008

Egnatia Bank Romania is aiming for a net profit of some 7 million EUR in 2008, up by 27.3% y/y, following investments of 3.5 million EUR in expanding the branch network, according to Deputy General Manager Dimitrios Zoumproulis quoted by NewsIn.

Last year"s net profit has been estimated at 5.5 million EUR, up by 72% y/y from 3.2 million EUR. The bank is planning to invest 3.5 million EUR this year in opening 12 new branches and bringing the total to 31 branches. In August 2007, President Stylianos Sofianos had estimated that each new branch requires some 250,000 - 300,000 EUR to open.

Zoumproulis said the bank"s assets reached 450 million EUR at the end of 2007, whereas the overall credit portfolio totaled 290 million EUR. "In terms of assets, Egnatia Bank Romania currently ranks 21st among Romanian banks," he added.

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