Romanian lender BCR sees 40% drop in net profit in Q1

BCR, the largest Romanian lender based on its assets, recorded a net profit of EUR 39.2 million in the first quarter of this year, down 40% over the same period in 2016, according to the quarterly report of parent-group Erste Bank. By comparison, the Romanian bank recorded a net result of EUR 65.7 million in the first three months of 2016. The net interest income declined to EUR 91.1 million in the first quarter of this year, from EUR 97.1 million in the same period in 2016. The net fee and commission income also decreased to EUR 36.4 million in the first three months of 2017, from EUR 39.4 million between January and March 2016. The operational revenues thus dropped to EUR 148.2 million in the first quarter of 2017, compared with EUR 158.7 million in the first three months of 2016. Meanwhile the operating expenses fell to EUR 78.1 million in the first three months of this year from EUR 90.3 million in the similar period of 2016. The bank had non-performing loans of EUR 902 million at the end of March, down from EUR 928 million on 31 December 2016. The non-performing loans ratio stood at 11.3% at the end of the first quarter. editor@romania-insider.com