Romanian Banks Post First Annual Loss Since 1999

Romanian banks reported combined losses of 304 million lei (EUR1=RON4.2649) in 2010, for the first time in 11 years, people familiar with the matter told MEDIAFAX Friday.

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In 2009, the local banking industry earned RON815 million, with 22 out of 42 active lenders reporting profit.

According to the people familiar with the matter, 20 banks registered profit in 2010.

They said net assets in the system reached RON341.8 billion in 2010, up 3.53% on the year, while total provisions rose 57% to RON23.5 billion.

The solvency ratio of the Romanian banking market reached 14.66% at the end of 2010, well above the central bank's requirement of 10%.

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