BCR responsible for over one fourth of Erste’s profit

BCR’s profit also makes up over one third (33.5 percent) of the total profit in 2007 of all banks in Romania, which amounted to €825 million, up 32 percent year-on-year, according to data reported by lenders to the Central Bank. BCR’s direct competitor, Banca Romana de Dezvoltare-Societe Generale (BRD-SG) posted a profit last year of €274.8 mln.

While reporting standards are different, the results show that BRD-SG and BCR made over 50 percent of the profit. BCR’s earnings in 2007, without including restructuring costs, rose 42 percent, to €362.1 mln, according to a declaration for Business Standard by bank officials.

The engine of this growth was consumer loans, especially in lei, but also mortgages, and loans for small and medium-sized businesses.