Bank of Cyprus’ net profit in Romania down 30% in the first quarter

The profit after tax achieved by the Bank of Cyprus from its business in Romania stood at EUR 2.1 million in the first quarter of this year, down 30 percent compared to the same period last year. In the first three months of 2010, the bank’s the net profit was of EUR 3 million. The bank recorded a profit before provisions of EUR 4.7 million, slightly higher than the one registered in the first quarter of last year, of EUR 4.6 million. Also, the volume of loans granted by Bank of Cyprus in Romania was of EUR 643 million at the end of March, up 3 percent compared to December, 2010, but down 3.1 percent compared to March 31, 2010. However, the bank's net income from interest rose slightly to EUR 6.6 million in the first quarter of this year, from a level of EUR 6.5 million in same period last year. Deposits in Romania until the end of the first quarter were of EUR 186 million, up 37 percent compared to the same period of 2010. Bank of Cyprus is present in Romania through its subsidiary, Bank of Cyprus Romania, through Cyprus Leasing Romania IFN and Otherland Properties Dorobanti.’ Irina Popescu, irina.popescu@romania-insider.com