Bancpost's net profit up 6 times, to 10.6m euros

Bancpost, the local subsidiary of the Greek group EFG Eurobank, posted net profit worth 10.6 million euros in the first quarter of the year, an almost 6-fold increase against the same time last year, according to data published by the parent bank, based in Athens. Bancpost’s assets saw a 67% increase in March 2008 against March 2007, up by 4.68 billion euros. However, the total amount includes sums transferred from Bancpost’s local balance sheet to the parent bank, with data reported to the NBR (National Bank of Romania) being traditionally lower. The increase in profit was prompted by the rapid rise of the operating income, which climbed by 54%, to 73.9 million euros, while operating costs saw a less rapid increase amid slower network development. In the first three months of the year, Bancpost incurred operating expenses worth 47.9 million euros, almost 17% above the same period last year. The bank has slowed down the expansion of its territorial network, with 249 retail branches at the end of March, against 209 a year before.