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Romania’s BCR 3Q Net Pft Soars 71.8% to RON1.24B

Romania’s largest lender Banca Comerciala Romana, or BCR, reported a net profit of RON1.247 billion in the third quarter, up 71.8% on the year compared with RON725.8 million in the same period a year earlier, the bank said in a statement Thursday.
Romania’s BCR 3Q Net Pft Soars 71.8% to RON1.24B
30 oct. 2008, 09:12, English

“We achieved very good results in line with our 2008 set objectives. We continued capturing the good opportunities of the market while successfully controlling costs and appropriately manage the risks” BCR’s CEO Dominic Bruynseels said.

BCR’s operating result was up 82.8% on the year in the third quarter, on a 40.2% rise in operating income which exceeded the 6.7% increase in general administrative expenses.

Operating income rose by 40.2% to RON3,105.1 million, from RON2,215.4million.

General administrative expenses, including personnel expenses, other administrative expenses and depreciation, moderately rose by 6.7% to RON1,324.4 million from RON 1,241.4 million.

Return on equity increased to 32.3% in the third quarter 2008, from 22.0% in Q3 2007, in line with the ratio calculated for the first half of 2008.

The increase in efficiency is mainly attributable to the growth in net profit, achieved through significant increase of the operating income, combined with a good control over general administrative expenses,” the statement read.

BCR’s total assets increased by 4.0% to RON 62,004.3 million at the end of September, from RON 59,611.1 million at the end of last year.