Data shows that 22 lenders posted a cumulated profit of RON686.37 million in the first quarter this year, calculated on Romanian accounting standards.
In the same interval, 20 banks posted a cumulated loss of RON313.1 million.
Romania’s top two banks by asset value, BCR and BRD, announced lower earnings compared to the first quarter of 2010.
Thus, the BCR group posted a net profit of RON76.1 million, 3.2 times less than in the same interval of 2010, because of higher provision costs, lower revenue from interest and higher staff expenditure.
BRD-Groupe Societe Generale (BRD.RO) posted a net profit of RON122 million, down 38.7% on the year, as banking revenue dropped to RON787 million.
The banking system concluded 2010 with a net loss of RON304 million, for the first time since 1999. (EUR1=RON4.1127)