BCR Group, nearly RON 600 M in 2013 net profit

The Romanian Commercial Bank (BCR) ended 2013 with a net profit of RON 598.7 M after reporting losses of RON 1.23 bln in 2012, a BCR press release informs. ‘The net after-tax profit and minority interests in 2013 reached the value of RON 591.2 million (EUR 133.8 M) compared to the loss of RON 1.23 bln (EUR 276 M) 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 RON 560.8 M (EUR 127.7 M)’ says the document. The operating income was of RON 2.49 bln (EUR 563.4 M), noting a 5.6 percent increase over its value in 2012 of RON 2.35 bln (EUR 528.9 M) 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 December 31, 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.

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