BCR posts a staggering 70 percent profit for the first nine months

Publish date: 30-10-2008
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The sale of Asiban doubled the profit growth rate rhythm in the first nine months for Banca Comerciala Romana (BCR), Banca Romana de Dezvoltare (BRD), and Banca Transilvania (BT), three of the banks who, together with state-owned Casa de Economii si Consemnatiuni (CEC) each sold a quarter of their holding in the insurer to the French Groupama insurer.

The BCR group, leader on the Romanian financial market, announced a profit of €341 million at the end of nine months, up over 70 percent year-on-year. This result is due mainly to its receiving payment in the third quarter of the €62 million for its 25 percent share in Asiban. BCR also reported a 58.5 percent advance in income from interest, and 24 percent from commissions. "BCR is in good shape, capable of countering any adverse effect of the turbulence on international financial markets, said Dominic Brynseels, Chief Executive Officer (CEO) of BCR in the announcement by the bank's majority shareholder, Erste Bank.

The Austrian Erste Bank group announced a net profit of some €1.5 billion for the first nine months, up 74.6 percent year-on-year. This evolution is attributed largely to the sale of the insurance division to the Vienna Insurance Group (VIG), which added €600 million to the posted result. The Austrian bank also announced it received €2.7 billion in assistance from the Austrian state, to ensure liquidity, for which it will pay interest of 8 percent, but for which the state will not be allowed to become a shareholder.

Business Standard

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