November 23, 2017

BCR nine-month profit at EUR 127 mln due to restructuring

In the first nine months of 2013, the lender controlled by Austria’s Erste Bank, BCR saw its profits rise to EUR 126.9 million from a loss of EUR 172.1 million in the same period of last year, citing lower costs and provisioning for bad loans. The profits included a positive one-off effect of EUR 127.7 million worth of deferred tax liabilities in the second quarter. According to Tomas Spurny, CEO of BCR, the lender’s turnaround efforts have become visible after completing the restructuring of the large scale business and the first reduction of the stock of non-performing loans (NPLs). The lender is the largest in Romania by assets, despite a 7 % decline in total assets to EUR 15.2 billion versus the end of 2012. Its solvency ratio stood at 13.4 %, above the minimum requirement of 10 %.

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