EximBank 2010 Net Profit Falls To RON75M

05.02.2011 By Florentina Dragu

Romania’s state-run export-import lender EximBank Monday reported a 44% drop in its net profit to 75 million lei (EUR18.35 million) in 2010, from RON134 million a year earlier.

EximBank posted total assets of RON3.5 billion, up nearly 5% on the year.

"Given the prolonged economic and financial crisis, EximBank has focused on resource allocation to offer real support to the business environment, rather than on profit maximization," the bank told MEDIAFAX.

EximBank said overall commitments in the name and account of the state rose nearly 40% on the year in 2010.

"The most significant growth (+ 162% from December 209) was observed in the insurance sector," said Ionut Costea, president of EximBank.

Costea said total financing increased by one third in 2010 from a year earlier, while overall guarantees rose 33% to over RON1 billion.

Founded in 1992, EximBank offers financing, bank guarantees and insurance products to Romanian companies.

The lender runs branches in 12 cities countrywide. (EUR1=RON4.086)