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Bank profit, six times lower in Romania

The projected 2009 net profit of commercial banks operating in Romania is standing at 200 million euros, at the most, compared with a net profit of 1.2 billion euros in 2008, BRD-GSG Deputy Director General Petre Bunescu told a financial conference on Tuesday.

He added that the net profit versus the size of bank assets and liabilities of 82 billion euros is low, and yet foreign investors have injected capital into the Romanian banking system.

In 2009, foreign investors have added 231 million euros to the equity of their Romanian subsidiaries and the solvency rate has increased slightly overall, said Bunescu.

He explained that the banks felt the first shocks of the crisis following a rise in the prices of resources, but things have stabilised and a cut in the mandatory reserves for forex liabilities diminished the costs of setting up the reserves, which were quite significant for the banks. And yet, banks have had to restructure very many loans in 2009 and the reserves created increased by 200-300 percent, Bunescu explained.

He also said that the existing external credit lines of 30 billion euros for Romanian banks secure enough force for them to contribute to a recovery in 2010 of their clients' business.

The BRD-GSG official informed that BRD has steered resources in 2009 toward Government securities maturing in 2010 and such funds may be redirected in 2010 to solvent demand.

Sursa: http://www.agerpres.ro

Tags: euros banks profit brd

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