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BCR: record net profit of 382 million lei in Q1

Romanian Commercial Bank /BCR/ posted Q1 net profit of 382.74 million lei, the biggest ever in a quarter, the BCR officials announced on Wednesday.

The net profit rose 82.4% versus Q1 2007. The figures represent the unaudited consolidated financial results in line with IFRS. The exchange rates used for the conversion into euro of the data are provided by the European Central Bank. The net profit after taxes and payment of minority interests rose 82.4% from 209.8 million lei (62,0 million euro) to 382,74 million lei (103,6 million euro). The operational revenues rose 48,5% from 664,5 million lei (196,3 million euro) to 987,2 million lei (267,1 million euro). The pre-tax profit rose 88,8% from 243,27 million lei (71,9 million euro) to 459,24 million lei (124,2 million euro). The ROE rose from 19,4% in Q1 2007 to 30,7% in Q1 2008. The general administrative expenditures slightly rose by 6,87% from 367 million lei (108,4 million euro) to 392,2 million lei (106,1 million euro). The cost/revenues ratio recorded a significant improvement from 55.2% in Q1 2007 to 39.7% in Q1 2008. The net revenues from interest rates rose 63.2% from 419,54 million lei (123,9 million euro) to 684,59 million lei (185,2 million euro). The net revenues from fees rose 61,9% from 153,38 million lei (45,3 million euro) to 248,35 million lei (67,2 million euro). 'We are proud to see the positive effect of the transformation process on the general development of the bank, to the benefit of our clients', said Manfred Wimmer, the CEO of BCR. Our goal is to permanently improve the quality and efficiency of turnovers to create added value for the shareholders, our clients and employees and for consolidating the leading position on the market. We have proven we can control successfully the costs and, at the same time, to capitalise on the opportunities offered by the market, in the context of a solid and stable growth of the Romanian economy, Wimmer added. Sursa: http://www.rompress.ro

Tags: million euro profit bcr

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