Banca Italo Romena Profit Up 29.9% In Q1

A.A.

Banca Italo Romena reported a net profit of 7.72 million EUR for the first three months of 2009, up by 29.9% from the corresponding period of 2008, the bank announced. The Q1 results are in line with the positive outlook the bank previously reported. The figures released for 2008 include a net profit in excess of 20 million EUR, up by 96% year-on-year.

Throughout Q1-2009, Banca Italo Romena continued to develop lending operations with both individuals and small enterprises, marking a 25% increase in the volume of loans to 942.18 million EUR compared to the 751.99 million EUR reported at the end of March 2008. The bank also announced that bad loans accounted for approximately 1% of the overall loan portfolio.

"The financial results achieved in the first three months of the year are evidence of the fact that Banca Italo Romena is a trustworthy bank that supports customers to achieve their goals," said General Manager Antonio Bianchin. In the first quarter of 2009, Banca Italo Romena achieved an approximately 13% growth in assets to 1.2 billion EUR, according to a press release.

Banca Italo Romena President Franco Antiga has received an honorary commendation for merit in industry and commerce for his entire performance in Romania. The bank was established in 1980 as a first example of a banking joint venture between Italy and Romania. In 2000, the bank was acquired by Veneto Banca, which wanted to create a financial support centre for the numerous Italian businesses in Romania.