National Bank of Greece said its profit for its operations in Romania fell 38% in 2009 from a year earlier, to €20 million, but earnings before impairment charges climbed 4% to €63 million.
In 2008, National Bank of Greece (NBG) that holds Banca Romaneasca, recorded €32 million profit in Romania but profit before impairments stood at €61 million.
NBG posted 68% increase in loan loss provisions in Romania, of 68% to €43 million, from €25 million a year earlier.
NBG’s loan book in Romania stood at €2.086 billion at the end of last year, down 5% year-on-year, while corporate loans book narrowed 3% to €1.128 billion, and retail lending stood 7% below year-earlier levels, at €957 million.
NBG’s deposit base in the country strengthened 39% to €1.062 billion.
NBG recorded a net interest income of €118 million in the local market, up 4% from €114 million a year earlier. Commissions income fell by a third to €16 million. Operating expenses decreased by 4% to €71 million from €74 million in 2008.
Non-performing loan ratio continued to rise in the fourth quarter of 2009, to 3.5% of total bank lending in Romania, from 3.1% in third quarter 2009 and 1.2% in the fourth quarter 2008.
NBG’s net income from global operations dropped 37% to €971 million, on double loan impairment charges of €1.06 billion.
National Bank of Greece’s Romanian operations comprise Banca Romaneasca, ETEBA Romania, Garanta Insurance-Reinsurance and NBG Leasing IFN.
Article comments "NBG’s 2009 profit down 38% as impairments rise"
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