Six Months Through The Year, Banca Comerciala Carpatica Reports 145.2% Profit Surge

Six months through the year, Banca Comerciala Carpatica (the Carpatica Commercial Bank) has reported a 145.2% year-on-year profit surge to 8.3 million RON amid a 44% increase in asset value to 3.29 billion RON, a press release indicates.

"The good results achieved in the first half of 2009 despite the extensive effects of the economic - financial crisis (the World Great Financial Crisis) on the Romanian economy can be explained by several factors: first of all, these are the results of the energetic actions we started in 2008 in relation to all aspects of the bank"s business; second of all, these are a consequence of an increase in the bank"s assets (the bank"s market share is increasing) and the diversification of our investments. It should also be said that these good results are accompanied by a 21% increase in provisions compared to the corresponding period of 2008. Provisions are intended to ensure protection against possible shockwaves that may appear in the real economy. Being realistically optimistic, we expect the second half of the year to bring important challenges as not only are there no signs of economic recovery, but we see good reasons to expect a strong contraction of the economy," said Banca Comerciala Carpatica President Nicolae Hoanta.

At the end of H1, Banca Comerciala Carpatica reported a 960.9 million RON exposure to other lending institutions, of which 949.3 million RON in deposits made by and loans taken from other lending institutions and 11.6 million RON other amounts owed to various other banks. The bank"s exposure to customers amounted to 2.02 billion RON, of which 78.35% in fixed-term deposits.

Banca Comerciala Carpatica also reported revenues from interest in the amount of 146.2 million RON, equal to 47.36% of the total revenues made by the bank in the first half of the year. Interest collected from loans totalled 101.6 million RON, while interest collected from various investments reached 44.57 million RON. The bank also collected 31.9 million RON in various fees, 14.24% below the what was collected in H1, 2008. Expenses on fees totalled 1.72 million RON, up by 3% than in H1, 2008.