Loans to individuals in the January-March 2008 period advanced 51.52 percent, or €85 mln, compared to the same quarter in 2007, despite unfavorable conditions on the loan market, due to the appreciation of the single currency and increasing costs for loans.

Volksbank is targeting to raise its portfolio by a further €1.2 billion in loans to individuals and corporates in 2008. Last year, the balance of loans reached €2.2 bln, €200 mln higher than forecast. In terms of currency structure, Volksbank clients prefer foreign currency loans in 2008. The share of lei-denominated loans of total loans dropped 13 percent in the Q1 2008 from 14.8 percent in 2007.

The bank is one of the most aggressive players in Romania, and recently increased its share capital by €9.6 mln, to over RON 377 mln. It is targeting a 5.8 percent market share in 2008, as it expands its activity. It moved in just two years from 16th place to 8th place, according to assets. It is aiming to increase its assets worth 3.5 bln last year to €5.2 bln in 2008, and operational profit of €36 mln. Volksbank also plans to open a further 65 new own units, and to raise the number of franchise partnerships by 50, for a total of 340 units by the end of 2008.