BCR posted a net profit of 344 million lei (EUR77.1 million) in January to March. In the same period of 2014, the bank registered a profit of RON1 million, but the full-year result was a loss of RON2.8 billion, after building provisions of RON4.4 billion.
But the aggressive balance sheet clean-up process, which also included sale of NPL portfolios, bear fruit in the first months of 2015, despite lower banking income.
The bank reported an 18% decline in operating revenue, to RON749.9 million, mainly due to lower net interest income amid the lower interest rate environment and lower loan volumes. The operating profit was RON392 million, down 29% on the year.
The bank’s assets stood at RON60.67 billion at the end of March, compared with RON61.62 billion at the end of December, and RON70.58 billion in March 2014.