The bank also opened its 109th unit in Romania yesterday. Its target for 2007 is to expand its network to 130 branches and to double its franchise partners to 100, according to Schreiner. Volksbank Romania intends to obtain a four percent market share by the end of 2007, higher than the initial 3.25 percent forecast, after increasing the estimates on the volume of assets to €3 billion from €2.3 billion, Schreiner explained.
The bank's assets totaled €2.15 billion by the end of June, a 55.8 percent increase from €1.38 billion at the end of 2006, mainly due to higher loans, company officials indicated.
The lender has estimated a gross profit worth €22 million for 2007, a 60 percent increase year-on-year, and their bankers expect this to exceed initial estimates by one fifth, up to €26-27 million from €13.7 million. The bank's operational profit posted in 2006 was four times higher than the level reached in 2005, due to an increase in asset volume, higher loans and deposits.
