Romanian lender BCR ups profit by 6% in first three months

Banca Comerciala Romana (BCR), the second-largest lender in the country, controlled by Austrian group Erste, reported a net profit of RON 267.9 million (EUR 56.6 mln) in the first quarter of 2019, up 6% from the same period in 2018, according to Romania-Insider.com.

The stock of loans increased, driven by more substantial financing extended to small and medium-sized enterprises (up 17% in year-on-year terms). In contrast, the deposits declined, dragged down by corporate clients.

The “greed tax” is estimated to have an impact of EUR 20 million for the whole year, according to Erste group estimates.

The bank explains its higher net profit reported in Q1 by the “robust operational results, low cost of risk and good performance across all business lines”.

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