Assets rose 5.8 percent, to €16.027 billion, compared to results in December 2006. However, BCR's CEO, Nicolae Danila, told Business Standard, "I am not satisfied. We can do more. I think we can further accelerate our integration projects and build more on the group's synergy, especially on capital markets and investment banking."

For 2006, BCR is forecasting profits 62 percent higher and assets up by 31 percent year-on-year.

Operational revenues increased more rapidly than expenses because of loan activity development, according to bank officials. BCR posted operational revenues amounting to €435.4 million, 23.3 percent higher year-on-year, and €235.2 million in general administrative expenses, up 19.5 percent year-on-year.

The cost/revenue ratio improved to 54 percent to date in the 2007 fiscal year, from 55.7 percent in the past fiscal year, while the return on equity (ROE) rose to 21.2 percent in this same period in the 2007 fiscal year, from 18.8 percent year-on-year.

Retail loans rose 19.4 percent in the past six months, to €3.76 billion. The loan/deposit ratio rose to 112.3 percent by June 30, from 100.4 percent in December 2006. In H1, 34 units of BCR became operational, bringing the number of branches to 506 around the country, while the number of employees was reduced by 2.1 percent, to 10,876, compared to December 2006.

"On the other hand, development plans, which include opening a further 200 units, will create 1,000 new jobs," according to the President of Austrian Erste group, Andreas Treichl.

Erste is BCR's majority shareholder. In December 2005, Erste bought 61.88 percent of BCR from the Romanian state, for €3.75 billion. The money was paid last autumn. Later, the Austrian group increased its participation in the Romanian bank to over 69 percent, buying shares from BCR employees. The five state-owned financial investment companies (SIF) own 30.11 percent of the bank's shares.

Beside banking, BCR is also operating in insurance, leasing, brokerage, asset administration and private pension fund administration.

""I am not satisfied. We can do more. I think we can further accelerate our integration projects and build more on the group's synergy, especially on capital markets and investment banking Nicolae Danila CEO, Banca Comerciala romana