However, this result is due to the sale by the two banks of participations in insurance companies.
In the first half of 2008, BCR and BRD posted 66 percent of the total profit registered by the banking system, of €522 million. This year, net profit of all lenders is to exceed €1 billion, significantly higher than in 2007.
BCR, owned by Erste Bank, could post more than €600 million in net earnings this year. In the first half of 2008, net consolidated profit amounted to €206.6 mln, while H2 2008 results will be higher, due to the sale of two insurance companies, BCR Asigurari and BCR Asigurari de Viata, to Vienna Insurance Group, for €244 million. The sale of participation in Asiban insurer, worth €87.5 million, adds to this figure.
BRD, Romania’s second-largest lender, owned by French Groupe Societe Generale, could post €350 million in net income, as the bank also had a participation in Asiban insurer, which it sold. Last year, the bank registered €275 million in net earnings.
