Raiffeisen Bank Romania wants to make 60% higher profits this year, compared with its 22.5 million euro profits in 2004. It expects total assets to increase by 40% to 2.9bn euros. In order to achieve these goals the bank is planning 45 million euros of investments for 2005, up from the 40.5 million euros in 2004. This year''s budget was endorsed by the General Meeting of Shareholders on Saturday, April 23. "The budget voted today (Saturday) expresses our intent to keep on growing, and at the same time improve our efficiency and the quality of services provided to our clients," explained Steven van Groningen, Raiffeisen Bank Romania chairman. The General Meeting also saw shareholders endorse last year''s results. Raiffeisen''s profits for 2004 amounted to 913bn ROL (approximately 22.5 million euros) compared with 33bn ROL at the end of 2003. Assets at the end of 2004 were worth 81,767bn ROL (slightly more than 2bn euros), an increase of 94% in ROL on 2003. The results were calculated according to Romanian accounting standards. "I believe the results we presented to our shareholders show that Raiffeisen Bank Romania had an excellent performance in 2004. Assets nearly tripled against growth across the entire Romanian banking system of no more than 50%. Deposits made by clients and loans granted to clients went up by 97% and 96% respectively and profit indices have improved considerably," Van Groningen said. ZF
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