Top banking profits in 2009

The 2009 recession not only meant 20 banks out of a total of 42 slipped into the red, but also that top profit makers included players with a less than 3% market share in terms of assets, as well as an opportunity for some credit institutions to boost their earnings.

BRD, the second-largest bank on the market in terms of assets, recorded the biggest net profit according to Romanian accounting standards (RAS), significantly ahead of the rest of its competitors with a 792 million-RON (187 million-euro) income, albeit more than 40% lower than in 2008.

The second-highest profit was recorded by Raiffeisen Bank, 288.5 million RON, significantly behind no. 1. Raiffeisen was no. 2 in terms of profit despite having dropped to no. 7 on the assets ranking.

BCR, leader of the market by assets, ranked third, with 237.9 million RON (around 56 million euros), amid a 78% decline in net income generated by the cost of loan-loss provisions. Close behind in fourth place is UniCredit Tiriac Bank, with almost 236 million RON.

Whilst BRD, Raiffeisen, BCR, and UniCredit also feature in the top 10 in terms of assets, in the profit ranking the no.5 position is filled by state-held Eximbank, with 145 million RON, which has an only 1% market share in terms of assets.