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Romanian Banks’ 9-Mo Losses At RON474.5M

Romanian banking system losses increased by 240.5 million lei (EUR1=RON4.2664) in the third quarter of the year, to RON474.5 million at the end of September, but most major banks reported profit.
Romanian Banks’ 9-Mo Losses At RON474.5M
Ioana Tudor
31 oct. 2010, 13:37, English

Romanian central bank official Nicolae Cinteza told MEDIAFAX Sunday that most major banks in Romania posted profit, which amounted to RON1.3 billion.

According to central bank data, Romanian overdue private loans rose 9% on the month to RON15.6 billion in September, equal to nearly 7.5% of the total lending.

In the first quarter of 2010, the local banking system reported a profit of EUR100 million, from a total loss of EUR50 million in the corresponding quarter a year ago. The first-quarter result amounted to half of the banks’ combined net profit for the whole of 2009.

Banks reported losses of RON243 million (around EUR55 million) in the first six months, from a profit of RON90 million in the first semester of 2009.

Banks’ provisions amounted to RON20.2 billion in the first semester of 2010, up 80% compared to the same interval last year.

Last year, the local banking system posted a net profit of RON815 million (EUR200 million), according to central bank data.