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Fitch Ratings: Bank profits in Romania under pressure

Miercuri, 24 octombrie 2007, 0:00

The rapid growth of loans offered by Romanian banks is still continuing but their profitability is influenced by the decrease of investments for expansion, shows the Romanian Banks - Annual Review and Outlook set up by the financial evaluation agency Fitch Ratings.

Banking Director at Fitch Ratings, Gulciun Orgun said that the economic environment of the country has positively stimulated the credit market.

Orgun says that the achievements of the Romanian banking sector were negatively affected by the decrease of interest rates in an economic environment characterized by a strong competition, low inflation and high costs associated to networks development.

However, the comfort level is still high due to the experienced foreign investors in the field.

According to Fitch, the Romanian banking system is still highly concentrated - as the first five institutions on the market control 59% of the total market. The foreign owned banks dominate the local banking system, totaling 89% of the actives.

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