13.1 C
Bucharest
April 23, 2021
BUSINESS

EximBank’s gross profit up by 80 pc in H1

EximBank’s financial indicators were on the rise in the first half of this year, its gross profit totaling RON 45 M, a value that is 80 per cent higher than the one reported in the same period last year.

“This performance stems from the fact that all of the bank’s activities reported profit growth but also comes against the backdrop of an approximately 20 per cent cut in expenditures. Overall, the bank’s total exposure grew by approximately 40 per cent in the first six months of this year compared to the same period last year, which shows that EximBank remains on the accelerated growth trend it has followed in the last two years,” EximBank President Ionut Costea (photo) stated.

Against the backdrop of rendering its activity more efficient, EximBank has reported a significant dynamic on both levels it is active on: on behalf of the Romanian state and on its own behalf. Thus, exposures on its own behalf grew by 36 per cent compared to H1 of 2010, against the backdrop of growing crediting activity. Its activity on behalf of the state grew by approximately 40 per cent, this time the guarantees’ segment being the engine of growth.

“Guarantees continue to report the best dynamic given the fact that the total new guarantee commitments at the end of June were approximately 8 times larger than the level reported at the end of the same month in 2010,” Ionut Costea added.

Activity on its own behalf allows EximBank to offer products and services for corporate clients like any other commercial bank. This category includes credits for investments, for current activity or financing services for companies that are engaged in projects financed from European funds.

However, what sets EximBank apart from other commercial banks is its quality as state agent, a position that allows it to offer special products that are unique on the banking market. This category includes state guarantees for which any company that plans to obtain a loan from a commercial bank but that does not have sufficient guarantees can apply, subsidized loans and partial compensation of interest, the latter being a product that allows any company to recover up to 50 per cent of the interest paid for RON-denominated loans it has contracted.

“2011 is the first year in which the new sales strategy implemented at the end of 2010 is fully functional. Making the bank’s commercial activities more dynamic is obvious, the grounds being set for the fierce post-crisis competition, the process being mainly characterized by restructuring of facilities. The business model that EximBank implements is solid and efficient – profit that exceeds RON 300 M in the last two and a half years – which will allow us to use the very high potential that this bank has,” Costea added.

EximBank is a specialized bank whose product portfolio centres on three directions – finance, guarantee and insurance. For many entrepreneurs EximBank has remained synonymous with the exporters’ bank, which is now only partially true. The market’s segmentation and the identification of potential clients’ needs have led to the revision of the bank’s purpose, a process that considerably expanded the bank offer’s range. As a consequence, through the financial instruments it has at its disposal EximBank can support any type of company, whether it is an SME or a large company, whether it is an export company or not.

The companies interested in EximBank’s products can contact the bank’s territorial branches in Bucharest, Bacau, Constanta, Cluj, Craiova, Timisoara, Buzau, Oradea, Deva, Iasi and Sibiu. Likewise, companies can obtain information on the bank’s products on www.eximbank.ro or can ask for details by writing to informatii@eximbank.ro.

Related posts

BRD cuts interests on “First Home” loans

Test

Mihai Tanasescu: ‘Current pension system won’t resist on long-term’

Test

President Basescu promulgates law on ratification of Letter of Intent to IMF

Nine O' Clock