Romania's BCR diminishes loss in Romania in first quarter of the year

Romanian lender BCR, owned by Austrian Erste Bank, managed to narrow its losses to some RON 12 million – or EUR 2.7 million in the first quarter of this year, from a loss of some RON 308 million – or some EUR 70 million in the first quarter of 2012. The bank stayed in first position in the Romanian banking system, assets wise, even if the value of its assets dropped by 3.7 percent, to some EUR 16 billion at the end of March. The net cost of provisions was down by 38 percent during the first quarter, to some EUR 131 million, compared to the same period of 2012. Operational revenues were down by 5 percent, to some EUR 223 million, while operational expenses dropped by 8.6 percent, to EUR 96.2 million, according to the bank. The bank posted a net loss of EUR 277 million last year, when its provisions went up by 68 percent, to some EUR 813 million. The loss is a first for BCR, which has only posted partial losses so far, never a year-long loss. editor@romania-insider.com