BCR BpL’s 2009 loss came out far below its initial estimates last year. Alexandru Ciobanu, chairman of BCR BpL said the mortgage lender would be profitable as of first half 2011.

“Our initial business plan envisaged a return to profit in 2012, but given the performance of the market, the company will start producing money over the next 12 months”, said Alexandru Ciobanu.

BCR BpL’s total assets increased markedly in 2009, to 254.1 million lei, up 300% from 63.7 million lei in 2008.

The bank’s loan book totaled 3.5 billion lei in 2009, and the average loan granted is around 30,000 lei.

“We haven’t started giving out loans, we’ll still in the saving stage, but in 2010, lending will pick up too. We have over 100 million lei to lend this year”, said the chairman of the mortgage lender.