Bank of Cyprus earnings remain at €1.3 mln in H1

The Cypriot bank, which is aiming for a 1 percent Romanian market share in terms of assets by 2010-2012, reported costs of €2.3 mln connected with starting out its business on the local market. Profit for corporate lending in 2008 in is estimated at €2.5-3 mln. The bank’s loan portfolio has reached €411 mln, compared to €349 mln at the end of the first quarter in 2008, according to data published by the financial institution. It is forecasting an increase in the volume of loans to €1.5 billion by 2010, 46 percent of which will be for the corporate segment. The ratio of small and medium-sized enterprises will be 28 percent, while that of retail 26 percent.  The bank also expects to raise its territorial network to 40 units by 2010.