News Column

BCR Group reports nearly 600 million lei in 2013 net profit

February 28, 2014

Agerpres, Bucharest, Romania



Feb. 28--BUCHAREST -- The Romanian Commercial Bank (BCR) ended 2013 with a net profit of 598.7 million lei after reporting losses of 1.23 billion lei in 2012, a BCR press release informs us.

'The net after-tax profit and minority interests in 2013 reached the value of 591.2 million lei (133.8 million euro) compared to the loss of 1.23 billion lei (276 million euro) of 2012, based on excellent operating income that compensated cost risk that is still high, and taking into consideration the positive unique effect of releasing fiscal liabilities in the second quarter of 2013, worth 560.8 million lei (127.7 million euro)' says the press release.

The operating income was of 2.49 billion lei (563.4 million euro), noting a 5.6 percent increase over its value in 2012 of 2.35 billion lei (528.9 million euro) taking into account a lower net income from interests that was compensated by the cost decrease as a result of the bank's recovery plan, the press release states.

The rate of bad debts in the total credit portfolio was of 29.2 percent on 31 December 2013, keeping a stable course in tune with the previous quarters, following the BCR's efforts to recoup and sell the portfolios and in spite of reducing the total credit portfolio.

'The bank intends to focus on lei credit so as to reverse the currency proportions in its medium and long-term credit portfolio', the press release shows.

According to the quoted source, BCR's financial data for the year 2013 are unaudited, consolidated and in term with International Financial Reporting Standards.

'We have accomplished a difficult mission in 2013, to break even, without taking into consideration the unique effects, and more importantly, taking decisive measures in regards to costs, organization and strategy meant to consolidate BCR's standing as leader of the Romanian banking system. Our priority in 2014 is raising the number of sound deals, with a special accent on efficiency, our capacity to be client-oriented and with the help of better internal processes' said chairman of the Romanian Commercial Bank, Tomas Spurny.

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(c)2014 Agerpres, Bucharest, Romania

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Source: Agerpres (Romania)


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