Banca Tiriac made profits of four million euros in the first two months of this year.
Last year's net profits reached 17 million euros, having gone up 40% calculated according to International Accounting Standards (IAS). Using Romanian Accounting Standards, net profits for 2004 were 13 million euros.
According to bank chairman Selcuk Saldirak, the bank is planning to raise its business volume in order to maintain its profitability on a market which is becoming increasingly competitive and due to falling margins.
The bank will expand its activity both by diversifying its product range and services, and by opening 11 new branches.
"Banca Tiriac is preparing new lending products and new integrated services for the retail sector, as well as a diverse range of investment products aimed at individuals. The latter are meant to stimulate savings. Also we have recently been focusing our interest in the retail market on card activities," said Saldirak.
He added that the development of the e-commerce platform through 3D-Secure technology has led to a higher volume of transactions being conducted via the Internet, increasing from several tens of thousands of dollars to one million dollars by the end of last year.
In terms of services aimed at companies, the bank is concentrating on small and medium-sized enterprises.
"As regards the offer for the corporate segment, for the medium term we will extend our portfolio to include domestic and international factoring services. Our target is closer collaboration with SMEs through a larger range of products aimed at that segment, such as credits for investments and working capital," added the Banca Tiriac chairman. liviu.chiru@zf.ro
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