Financial transactions boost RBS profit by 66% despite ongoing recession

Britain’s RBS Bank had a highly profitable 2009 year in Romania and despite the crisis posted the biggest net profit increase on the market, of around 66% compared with 2008. While half of the banks on the market logged losses in line with RAS (Romanian accounting standards), and many of the other half saw their operating incomes swallowed by bad loan provision charges, RBS made net income worth 103m RON (almost 25m euros), in line with RAS. In 2008, when the crisis had not hit Romania, yet, net income reported to the Finance Ministry had stood at 61.8m RON (around 17m euros). The parent company in Great Britain stayed in the red in 2009, with no less than 4.1bn euros. Though in early 2009 it was included on Britain’s RBS’ for-sale list, the bank remained one of the most important players domestically on the market of services for corporate clients and treasury operations, with large interest fluctuations and exchange rate volatility bringing high profit opportunities. Hence the performance of boosting profit so strongly despite the economic downturn.