National Bank of Greece reports 37% profit drop in Romania

The National Bank of Greece, which owns local lender Banca Romaneasca, saw its profit drop by 37 percent last year in Romania, from EUR 20 million to EUR 12 million, according to data released by the Greek financial group. The bank had a portfolio of EUR 2.115 billion in loans late last year in Romania, up 1 percent from 2009, while the corporate loans fell by 4 percent at the end of last year. The bank posted net revenues of EUR 102 million from interests, down 14 percent on the previous year, when it stood at EUR 118 million. Its operating costs fell by 1 percent. At a group level, the National Bank of Greece recorded a net profit of EUR 406 million, down 56 percent compared to 2009, mainly due to the increase in provisions, which stood at EUR 3.56 billion. In 2003, the National Bank of Greece Group acquired a majority stake in Banca Romaneasca and currently holds 89.07 percent of the bank's share capital. The group also owns NBG Securities Romania, the insurance - reinsurance Garanta company, NBG Leasing IFN S.A. and NBG Factoring Romania. Irina Popescu, irina.popescu@romania-insider.com