Banking operations of EFG Eurobank in Romania, parent-bank of Bancpost, generated a net loss of €4.3 million, 43% lower than €7.6 million in first half, thanks to its cost-containment program.
For the first nine months in 2008, the bank reported net profit of €35 million for its Romania operations.
Before taxes and minority interest, the loss posted by the Greek-based group for its operations in Romania amounted to €17.6million in the first nine months, compared to €19.6million gross loss in the first half.
EFG Eurobank’s total assets in the country fell 4% in the 12 months through September 2009, from €5.76 billion to €5.525 billion. Compared to €6.17million in the first half, total assets dropped at a 10.5% rate.
Operating revenues for the first nine months stood at €236.8million, 4.5% below Jan-Sep 2008 level of €248 million. Operating expenses decreased at a twice bigger rate, of 8.8% to €135 million, from €148 million in the first three quarters.
EFG Eurobank’s loan book stood at €3.54 billion, 14.5% less than €4.14 billion in the same period of last year. Customer deposits dropped 20.5% year-on-year, from €2.49 billion to €1.98 billion.
EFG Eurobank’s network in Romania includes 305 outlets. EFG Eurobank opened 12 retail units in third quarter only, its network reaching 286 units, and adding 19 corporate outlets.
Article comments "Cost-cutting measures help Bancpost taste profit again"
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