CHISINAU (Moldova), October 19 (SeeNews) - Moldovan commercial bank FinComBank said on Tuesday its credit portfolio increased by 16.5% to 355 million lei ($28.7 million/23 million euro) in the first nine months of the year, accompanied by a 27.7% rise in deposits to 357.3 million lei.

The bank's statutory capital rose to 53 million lei in the period from 41.6 million lei.

FinComBank assets increased by 18.8% to 574.6 million lei.

The bank's profit reached 18.5 million lei year-on-year, compared to 19.9 million lei net profit in 2003, up by 56.8% year-on-year.

"The bank will continue to develop its credit card system and to expand its branch network this year," the bank said in a statement.

FinComBank opened one branch in the northern town of Floresti and one representative office in Orhei, in the country's central region.

The bank has 11 branches, including five in the capital Chisinau.

"We plan to open two branches by the end of this year, in the southern town Comrat and in Edinet in the north," the bank said.

FinComBank's clients rose to 39,200 from 28,400 in 2003.

FinComBank, established in 1993, is one of Moldova's first commercial banks. In 2002, it became a member of the Rural Finance and Small Enterprises Development programme sponsored by the International Fund of Agriculture Development (IFAD).

The bank received a $1.5 million (1.2 million euro) loan from the International Finance Corporation (IFC), the World Bank's private investment arm, in 2002.

Moldova has 16 commercial banks, including two subsidiaries of foreign banks. The largest banks in the country of around four million people are Moldagroindbank, Banca de Economii and Victoriabank.

(1 euro=15.4555 Moldovan lei)

SeeNews, 19 October, 2004