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BCR eyeing 2008 profit in excess of 385 million euros

In an interview to daily Business standard on Friday, CEO Manfred Wimmer of Banca Comerciala Romana (BCR) says BCR is eyeing a profit in excess of 385 million euros to be derived on rising revenues.

BCR, the largest bank in Romania in terms of assets, is planning to increase its profit by over 40 percent, from 276.5 million euros in 2007, and by more than 25 percent its contribution to the net profit of its majority shareholder Erste Bank, on contributions from all the business provinces of BCR, from 14.7 percent in 2007, according to the bank's strategy introduced to the paper by Wimmer. Wimmer, slated to become CFO of Erste Bank on September 1, has started cooperating with British Dominic Bruynseels since May. Bruynseels is to take over the executive management of BCR. 'The excellent results of BCR in the first quarter of the year, coupled with the sound development we are expecting in 2008, allows us to affirm our business targets for the years 2006-2009, which include increasing profits by over 40 percent a year and keeping the cost to revenues ratio to below 40 percent,' says Wimmer. 'BCR's main targets is to boost revenues for the Erste Bank shareholders and increase the share of BCR in the formation of the net profit of Erste Bank. We are contemplating increasing the contribution of BCR toward the formation of the Erste Bank net profit to over 25 percent in 2008 and become the main contributor in two-three years' time. Romania offers a host of business opportunities that will boost profits,' says Swimmer. BCR is a leader on all the segments of the Romanian banking system, although it has lost two to three percentage points from its market share on some segments during the transformation of the bank that affected each and every business department and line. BCR will keep its top position and even win back some of the lost market share, because the bank is endeavouring to offer increasingly better services to its clients, says Wimmer. 'The transformation of BCR and its integration with the Erste group have been successful overall and yielded the results according to the plan. This was the most ambitious business transformation project in terms of objective and rapidity,' Wimmer explains. The BCR group, a provider of integrated banking services, has reported a Q1 2008 profit after minority interest and tax that was almost double the Q1 2007 profit of 103.6 million euros, as a result of a surge in net revenues derived from interest rates and commission fees. In Q1 2008, BCR's total assets advanced only 2 percent, to 16.28 billion euros, held by 580 outlets. Once BCR's integration with Erste Bank is over, the shareholders in BCR will intend to increase the revenues from interest rates and commission fees, the loan portfolio, as well as to make up for imbalanced national coverage. Sursa: http://www.rompress.ro

Tags: bcr profit percent erste revenues business million euros wimmer

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