BCR Group makes nearly 1m euros a day in 2007

Austrian-based Erste Bank collected over 218 million euros, which corresponds to the 69.1% stake the bank holds in BCR. The BCR Group, which includes the biggest bank on the market, closed 2007 with profit worth 362.1 million euros (according to international standards, which excludes restructuring costs), up 42% on 2006, i.e. above the 40% target set by Erste Bank, the majority shareholder. If considered against the 365 days of a year, the gains amount to almost 1 million euros per day. “BCR exceeded its targeted profit, and we preserved our positive outlook on the Romanian market, despite talk of macroeconomic problems. The credit rise, new products and stabilised prices, as well as network expansion, were the growth drivers, and we are confident that the target net profit- 40%, will be reached this year,” said Andreas Treichl, CEO of Erste Bank. The net profit of the BCR Group, reported after tax and after payment of minority interests, increased by 22.3%, to 276.5 million euros.