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January 23, 2022
BUSINESS

EBRD profit reached EUR 1.4 bln

The EBRD increased profits in 2010 as emerging Europe started to pull out of the worst recession in a generation, finchannnel.com informs. The Bank recorded a net profit of EUR 1.4 bln for 2010, on the back of a strong growth in investments and the value of the Bank’s equity holdings. As a result of the recovery the Bank also had lower loan loss provisions. “The net profit in 2010 will strengthen the EBRD’s capacity to bolster the recovery in its region with new investments in 2011, the first year of the Bank’s business strategy for the period until 2015. Backed with a strong pipeline of upcoming projects, investments will aim especially to address vulnerabilities such as lack of diversification of real economies, underdeveloped domestic capital markets and the need for a strong focus on energy efficiency,” EBRD said. “The Bank is very well capitalised and this risk-bearing capacity allows it to sustain a high level of investment and be counter-cyclical”, EBRD President Thomas Mirow explained. The EBRD maintained its strong capital position during the year and as a triple-A rated institution it continued to be able to borrow at favourable rates. The return to profit was achieved in a year of record investments as the EBRD continued its response to the impact of the global financial crisis and its aftermath on its countries of operations.

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