Annual General Meeting of Shareholders.
Banca de Economii S.A. Annual General Meeting of Shareholders took place on April 25th , 2008.
During the Shareholders meeting, Bank Council, Censor commission and financial reports for 2007 year have been presented and approved. The strategic development directions for 2008 year also have been accepted.
In 2007 Banca de Economii S.A. has evolved considerably. The reference period can be characterized on one hand: as continued growing tendency of interest rate as in previous year, on the other hand: as increased costs for ensuring operational activity of the bank. In this framework, actions oriented towards business development and ensuring effective activity of the bank, allowed to surpass scheduled financial indicators in this conditions.
Appreciation of Banca de Economii activities related to: evolution of financial results, bank administration, geographical presence and clients preferences, partners, local and experts from abroad was materialized in winning the international award “European Quality” offered by the European Business Assembly in the context XXI century leaders program.
The assets and resources of the bank at the end of the year constituted MDL 3,039, comparing to MDL 3,470 at the beginning of the year. Bank resources have decreased due to the treasury system changes.
The net income received after the taxation was MDL 195, 3 million, and has increased comparing to precedent year 2006 with MDL 114, 8 million. The total normative capital constituted MDL 609, 5 million, and increased with 46, 6 percent in 2007.
As per December 31, 2007 capital profitability (ROE) constituted 38, 39 per cent (First place in the Moldovan banking system) and assets profitability (ROA) constituted 5, 07 per cent. Comparing with 2006 the capital profitability increased with 17, 86 p.p. and assets profitability increased with 2, 83 p.p. or 2.3 times.
That is why, the result for the 2007 year have placed our bank on the first place for the index “the net income for shareholders capital”, accumulated during the past years (capital profitability), first place for the index “rhythm of growth” comparing with past years and second place in the banking system for the index “capital volume”.
The auditor company for 2008 year was selected “Ernst &Young”.
Therewith, General Shareholders Meeting has decided to pay dividends preference share, and the remaining profit to invest in the share capital for increasing.
The main development goals of Banca de Economii for 2008 reflects the banc strategy to maintain and increase its market quota, development and implementation of new services for the target clients for satisfying their needs, increase the level of banc capitalization and its value on the market.