BCR profit slumps almost 20 percent in H1

BCR posted RON 488.5 million (EUR 117 million) consolidated net profit after taxes and minority interests for the first half of the year, 19.5 percent down on H1 2009. According to company representatives the decrease was mainly generated by higher provision expenses “which are due the contracting economy heavily impacting BCR’s customers”.

The bank announced that it holds a share of about 22 percent of the local lending market. Corporate lending increased by around 7 percent (YOY) while the retail loan portfolio (including micro businesses) went up by some 0.4 percent. Deposits from customers decreased by 0.7 percent, reaching RON 35,578.3 million (EUR 8,141.5 million).

“BCR continued to demonstrate its ability to adapt to difficult market conditions. It’s likely those conditions will continue to prevail in the second semester of 2010. BCR is well prepared for this and will continue to assist its customers through these difficult times,” said Dominic Bruynseels, BCR CEO.

The lender operates a network of 668 local subsidiaries, seven of which have been opened since the beginning of the year.

Simona Bazavan

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