The interest rate at which BCR borrowed from investors, including Pillar II pension funds and other high-caliber investors, is made up of the interest rate at which the Romanian state borrows, i.e., 8.48% per year, plus a margin of 110 basis points, therefore about 9.6% per year.
It is most likely MREL financing, given that BCR has RON20 billion more deposits than loans, RON70 billion, compared with RON50.2 billion.
Customer deposits decreased by 2.7% to RON70.5 billion (EUR14.25 billion) as of June 30, 2022 from RON72.5 billion (EUR14.64 billion) on December 31, 2021, driven by a decline in retail deposits (3.8% since December 31, 2021 to RON44.4 billion), while corporate deposits remained stable (down 0.1% since December 31, 2021 to RON24 billion).
BCR recorded a net profit of RON1.04 billion (EUR210.7 million) in the first half of 2022, up 50.9% compared with the year-ago period.
(English version by Loredana Fratila-Cristescu)