The group’s operating result improved by 21.7% to RON1.86 billion (EUR374 million), on the back of a strong increase in operating income and well managed operating expenses.
Operating income rose by 14.4% to RON2.9 billion (EUR583 million (from RON2.5 billion (EUR514 million) in H1/2023, driven by higher net interest income and higher net fee and commission income.
Net interest income increased by 18.6% to RON2.09 billion (EUR422 million) in H1/2024, from RON1.77 billion (EUR359 million) in H1/2023, driven by higher business volumes, while net fee and commission income improved by 16.8% to RON525 million (EUR106 million), from RON450 million (EUR91 million) in H1/2023, driven by balanced growth in all fee categories.
Net trading result dropped by 12.0% to RON253 million (EUR51 million) in H1/2024, from RON 287 million (EUR58 million) in H1/2023, on lower trading activity.
Net administrative expenses reached RON1.04 billion (EUR209 million), up 3.3% from H1/2023 on the back of other higher administrative expenses, while personnel expenses declined.
“The products and services we develop start from the added value they bring to their customers, but also from the impact and the multiplier effect they have in community. The first six months have seen an increase of over 90% in the number of people who have benefited from a Money School Training or a Financial Coaching session. This is something that makes up contented as we reached over 1.35 million Romanians through BCR’s financial literacy programs. But even more importantly, we are transferring this experience to George users, with new features that support smart financial choices and personalized budget analysis,” said Sergiu Manea, Banca Comerciala Romana CEO.
As regards lending activities, the total portfolio of net loans granted to clients by BCR group expanded by 14.6% year-on-year.
Client deposits went up by 4.3% to RON81.8 billion (EUR16.4 billion) on June 30, 2024, from RON78.4 billion (EUR15.7 billion) on December 31, 2023.
NPL ratio stood at 2.6% as of June 2024, down from 2.9% as of December 2023.
In terms of digitalization, George digital ecosystem reached 2.4 million clients, up 15% year-on-year.
(English version by Catalina Apostoiu)