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Net profit at Romania's largest Banca Comerciala Romana (BCR) bank rose by 46.2 percent to about 89 million euros in January-June from the year-ago period, boosted by growing lending activities, BCR said on Sunday.
Romania completed the transfer of a 25 percent stake in BCR bank to the European Bank for Reconstruction and Development and the World Bank's investment arm IFC in June under a $222 million deal sealed last year.
BCR officials said earlier this year the bank aimed for 2004 net profit of 150 million euros.
A BCR statement said total assets climbed by 13.43 percent to 202 trillion lei ($5.9 billion) in June from end-2003, with the number of customers rising by some eight percent to more than 4.2 million.
"BCR has developed its activities and maintained a leading position on the market despite stiffer competition," it said. Lending portfolio expanded by 10.8 percent in the six months to more than 90 trillion lei in June, with private companies taking up to 91 percent of the total, BCR added. It said return on assets stood at three percent and return on equity was 20.7 percent.
The ex-communist Balkan country promised its main economic mentor, the IMF, that it would sell BCR - which accounts for a third of Romania's banking assets - to a strategic investor by 2006.
Romania and EBRD officials have said the sale of a further 25 percent of the state's remaining 37 percent stake in BCR to a strategic investor was under consideration.

Copyright Reuters, 2004

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