BancPost's Q1 net profit amounts to 78bn lei (about $2.8 million), higher than the entire 2000 profit, which reached $1 million. 2001 net profit target is 170bn lei, after the gross value of this index amounted to 93bn lei in Q1.
The bank has 665bn lei in share capital, while its equity capital reached 1,400bn lei by the end of Q1. "It's a good result, consistent with the bank's development strategy for the next three years. One thing though: Q1 profit alone is much higher than the one in the entire 2000.
The economic environment and our marketing strategy are only two of the factors which must have contributed to our growth," Elena Petculescu, Banc Post chairman, told Ziarul Financiar.
The bank's target to be attained by 2003 is doubling its net profit, so that it could reach more than $54 million by the end of that year.
The bank has lately focused on crediting SMEs, allotting some 3,300bn lei out of the 10,000bn in total assets for funding various fields and terms.
"One of our products that caught on and that we focused on is crediting. We didn't think twice about taking active part in the economic reform and we understood that a performing market economy cannot possibly work without a strong SMEs sector," the bank chairman added.
Non-performing credits account for only 1.1% of the total credits. Greece-based Eurobank last year bought 19.25% in Banc Post's capital from General Electric Corporation, this way becoming the main shareholder.
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