In the first six months of 2009, the group posted a consolidated net profit of 606.8 million lei.
However, the operating profit rose by 19.8 percent from the first half last year, to 1.63 billion lei.
The main engine of this improvement was the strong increase of the net income from interests within the BCR group, by 9.7 percent to 1.9 billion lei, although it stood under the pressure generated by the slash of interest rates and the lower volumes compared to the first semester of 2009.
The net income from taxes and commissions was quite stable and reported a mild annual slip of only 2.9 percent, reflecting clients’ low level of spendings for consumption, which overlaps with BCR’s strategy to encourage clients to use transactions without cash, which are cheaper and more comfortable, the release reads.
The operating spendings reduced 9.7 percent, from 889.1 to 802.8 million lei, as a result of a better cost management. BCR continued to invest in expanding the unit network, in developing alternative distribution channels and card activity, as well as in IT development.
Austrian group Erste, which controls BCR, reported a net profit of 471.9 million euros in the first semester, 4.1 percent down from the same period in 2009.
The activities developed in Romania brought Erste a net profit of 36.3 million euros, representing 7.7 percent of the whole net profit, as risk provisions for Romania rose almost 37 percent, to 241.7 million euros.
