Romanian lender Banca Comerciala Feroviara turns to profit in March

Romanian lender Banca Comerciala Feroviara has turned to profit in March this year, when it recorded a net profit of RON 300,000 (some EUR 67,700), after recording loss in the same period of the previous year. The positive result was mainly recorded due to increased lending. The lender estimates annual earnings of up to RON 2 million (almost EUR 450,000), according to Petre Tulin, general manager of the bank, cited by local Ziarul Financiar. Last year, the bank posted a loss of RON 9.42 million, or some EUR 2.1 million. The lender’s assets increased by 50 percent in 2013, to RON 441 million (EUR 100 million), reaching RON 490 million (some EUR 110 million) at the end of April. “We intend to double or even triple our market share in the coming period, but it depends on the development policy that we’ll have. There will not be an aggressive policy this year,” said Tulin. The bank runs 15 units in 11 cities, opened between 2009 and 2011, and a new expansion might start in 2015. Irina Popescu, irina.popescu@romania-insider.com