BCR's six-month profit falls 39% by Romanian Accounting Standards

BCR, the largest bank on the Romanian market, posted a 318 million-RON (75.8 million-euro) net profit in the first half of this year, calculated in line with Romanian Accounting Standards, down 39.3% on the similar period of 2008. For the entire financial group, the BCR reported a 144.2 million-euro net profit, according to international standards, around 20% lower. The difference reflects the persisting major discrepancies between the loan provisioning calculation methods specific to the two financial reporting systems. BRD, the second largest bank on the market, posted a 425 million-RON (101 million-euro) net profit, according to Romanian standards, down 17.4% against the first-half 2008 results. BCR’s most profitable operations in the first six months of the year – as in the case of other banks – were financial operations, which fetched it a 395 million-RON (94 million-euro) profit.