August 25 (SeeNews) - Romania's Banca Comerciala Romana (BCR) said on Thursday it has sold 3 tonnes of gold since 2009 when it started offering 99.99% pure financial gold.
Since the beginning of the year, sales of gold have been on the rise, as the multiannual downward trend in gold price seems to have been reversed, BCR said in a press release.
Demand has increased due to growing risks in financial markets, as well as to low or partly negative yields of government bonds on developed European markets, it added.
"In a difficult and unstable economic climate, gold is a safe haven asset, essential to each portfolio," BCR retail department head Laura Hexan said.
BCR posted a consolidated net profit attributable to owners of the parent of 636 million lei ($161 million/143 million euro) in the first half of 2016, up 5.4% compared to the same period of last year.
The lender's non-performing loans (NPL) ratio decreased to 14% at end-June from 23.1% a year ago.
BCR, majority-owned by Austria's Erste, is Romania's top lender in terms of assets.
(1 euro= 4.4606 Romanian lei)