BCR posts 341.5 million euros net profit in the latter quarterly earning report

The quarterly results are the best ever registered by BCR in Q3, according to the press release made public by the bank. The profit before taxes rose 78.6% up to 1.5 billion lei (414.8 million euros) in July-September 2008, from 63.34 billion lei (17.55 billion euros) from the end of last year.

“We have positive results, in terms with the objectives we have set to achieve in 2008. We continue to fructify all the market’s opportunities, succeeding at the same time to properly manage costs and risks. We are working on improving quality and efficiency of our business. BCR is in good shape, capable to overcome any possible effects of turmoil registered in international financial markets,” said Dominic Bruynseels, CEO of BCR.

On an operating basis, the incomes registered by BCR increased by 40.2% compared 6.7% growth of general administrative costs. Operational net profit climbed 82.8% from 974 million lei (294.8 million euros) in year-ago quarter, to 1.78 billion lei (487.6 million euros) in similar interval this year.

Thus, operating revenues mounted to 3.1 billion lei (850.3 million euros) in third quarter this year, from 2.2 billion lei (670.4 million euros) a year ago.

General administrative costs, that include employee-related costs other administrative costs and costs resulted from the depreciation of the foreign currency exchange rate, rose 6.7% to 1.3 billion lei (362.7 million euros) in third quarter 2008, from 1.24 billion lei (375.7 million euros).

Operating incomes of BCR group increased mainly in the context of strong advance of net interest incomes (+58.5%) and of net incomes from servicing fees (+24.0%). The operating income was positively influenced by the sale of minority stake in Asiban Insurer, to French-based insurer Groupama.

Net interest income rose 58.5% to 2.17 billion lei (592.9 million euros) in third quarter 2008, from 1.365 billion lei (413.3 million euros) a year ago. Net income from servicing fees climbed 24% up to 736.6 million lei (201.7 million euros), from 593.8 million lei (179.7 million euros).

Operating expenses increased moderately, led by the territorial expansion of the bank, the lender adding 19 new branches in third quarter 2008.

As for the efficiency ratio, the profitability of own capital climbed to 32.3% in third quarter 2008, from 22% last year’s third quarter. Additionally, costs-expenses ratio improved, reaching 42.7% in third quarter this year, from 56% a year ago, below the 46.9% threshold, set for end of 2008.

Translated by Camelia Oancea

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