Top six banks in Romania post EUR 1.1 bln combined profits in 2015

Romania’s six biggest banks have reported cumulated net profits of EUR 1.09 billion in 2015. In 2014, the same six banks had an overall loss of EUR 310 million, according to their official reports. The significant improvement in the top local banks’ profitability came mainly from Banca Transilvania’s exceptional profit after Volksbank Romania’s takeover as well as from the fact that BCR, Romania’s biggest bank, moved to profit. In 2014, BCR had record EUR 630 million losses due to non-performing loans granted before the crisis. BRD also strongly increased its profit. Overall, Romania’s banking system showed a net profit of EUR 1.14 billion in 2015, as 22 banks had profits and 16 finished the year in the red. In 2014, the local banking system posted EUR 1 billion overall losses. Most local banks significantly reduced their risk costs in 2015 after selling large chunks of non-performing loans starting 2014. The economic recovery also allowed local banks to increase lending. However, the operational revenues declined across the sector due to the low interest rates. Here are the top 6 most profitable banks in Romania in 2015: Raiffeisen Bank Romania sees lower profit in 2015 ING Romania ups loan portfolio by close to a third, posts higher profit Italian group UniCredit almost doubles profit in Romania editor@romania-insider.com