Intesa San Paolo, the Romanian branch of one of the leading Italian financial groups, posted a gross loss worth 2.9 million euros in the fourth quarter of last year. For 2008 as a whole, the bank recorded a gross profit worth 5 million euros, 14% less than in 2007. This is the second consecutive year of profit decline. Nine months into last year, the bank had recorded a 7.9 million-euro gross profit, significantly up against the similar period of 2007, according to data presented by the Intesa-Sanpaolo group. However, the bank reported an operating income worth 11 million euros last year, 73% higher than in 2007. Under the circumstances, the decline in the gross result recorded in the last quarter reflects a rise in provision expenses. Intesa Sanpaolo Bank reported operating revenues worth 40 million euros last year, up 61% against 2007. Operating costs rose 57%, to 29 million euros. The bank's assets climbed 56%, to 2.7 million RON (700 million euros) last year. Credits granted went up 63%, to 1.8 billion RON (459 million euros). Deposits attracted amount to around 200 million euros. Intesa Sanpaolo Group has subsidiaries on ten markets in Central and Eastern Europe. The Romanian one is among the smallest in terms of assets, with the largest being the ones in Hungary and Slovakia, with assets worth over 11 billion euros.
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