Armin Huber, Board member at Volksbank International, said the Romanian lender benefits from a improved business strategy, including cost-cutting measures and a better management of overdue loan collection.
Founded in 2000, Volksbank Romania is majority owned by Volksbank International, the eastern European arm of Osterreichische Volksbanken.
In December last year, the Austrian group said it considers selling its holding in Volksbank International and VB Leasing International to focus on its core business.
According to Lucian Cojocaru, vice-president of Volksbank Romania, the mother-bank has no intention to sell the Romanian subsidiary.
Volksbank Romania switched to a loss before taxes of EUR36 million in 2010, from a profit of EUR51.7 million a year earlier, on higher provisions. It was the biggest loss among the Austrian lender’s units in Central and Eastern Europe.