Libra Bank, a small player in the banking system, held by American investment fund NCH, has posted a net profit worth 341,725 RON (101,000 euros) for the first quarter of this year. The bank had seen net losses of 20.59 million RON (5.7 million euros) last year, amid an increase in the expenses generated by the provisions set up for consumer credits and an expansion in its territorial network, but had made operating income. "Last year's loss was fully covered by shareholder New Century Holdings, through repeated capital increases," says Emil Bituleanu, vice-president of Libra Bank. In 2004 and 2005, the bank also witnessed losses. At the beginning of the year, the shareholders approved a seven million RON share capital increase, to 91.5 million RON. Last year, Libra raised almost 20 million RON from its shareholders. The bank managed to post significant increase in its operating income, to 11 million RON (3 million euros), against the 0.1 million RON registered in 2005.
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