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Erste Bank: 2009 is not a year to list a bank

Erste Bank financial manager, Manfred Wimmer, said on Friday that Erste wanted to postpone the listing of Banca Comerciala Romana (BCR) since the evolution of the capital market over this year results in listing a bank being a wrong option, The Money Channel informs.

Wimmer said that BCR enjoyed the support of its other important shareholders, the five Financial Investment Companies (SIF), in relation to the decision of postponing the listing. "We had lately a very good relationship with the five SIF and we intend to reach a consensus among shareholders as to this decision," Wimmer said.

On the other side, he said that Erste did not talk yet with the Romanian authorities on postponing listing. Erste committed to list BCR in maximum three years, in the privatisation contract, a deadline which expires this year. Andreas Treichl, Erste executive manager, also said on Friday that BCR listing should be postponed until the appropriate time because of the bad conditions in the capital market at this moment. "We believe it is wiser to wait for the appropriate time to list BCR," Treichl said.

Erste Group has recently announced a net profit of EUR 859 M, for the financial year 2008, and a solid increase in the operational result, but they specified that the net profit was adversely influenced by the international financial crisis, Agerpres informs.

The result after tax and after the payment of minor interests reduced by 28.6 per cent, down to EUR 859.6 M. Excluding the depreciation of the intangible assets from Romania, Serbia and Ukraine, the net profit would have amounted to EUR 1,340.1 M, by 14.1 per cent more.

A significant improvement in the operational result: the increase by 19.3 per cent, compared to 2007, up to EUR 2,997 M, is evidence to the strength and sustainability of the business model focused on banking retail, mainly during this difficult time period.

BCR net profit - RON 2 bln last year

The sale of participations in Asiban, Italo - Romena Bank and the insurance activities resulted in BCR net profit, after taxation and the payment of the minor interests, amounting to RON 2.03 bln in 2008, The Money Channel informs. Excluding these revenues, the net profit after taxation amounted to RON 1.3 bln. Thus, this year, the net profit reported after taxation and the payment of the minor interests advanced by 119.8 per cent, up to RON 2.03 bln, from RON 924.8 M in 2007.

The net result in 2008 includes the profit after taxation from interrupted activities, amounting to RON 504 M. The revenues resulting from the sale of the minor participations of BCR in the Romanian insurance company Asiban and in Italo-Romena Bank, as well as those resulted from the sale of BCR insurance activity, amounted, after taxation, to RON 745.9 M. BCR net profit, after taxation, advanced by 39 per cent, up to RON 1.29 bln, as against the net profit after taxation registered in 2007.

 

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Tags: profit after erste bcr listing taxation sif

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