Romania's BCR Group grows net profit 33% in 2023

The net profit grew on the back of an improved operating result driven by an advance in customer business, BCR said in an annual financial report filed with the Bucharest Stock Exchange.

BCR's operating result rose by 17.2% on the year to 3.206 billion lei in 2023 thanks to higher operating income which was partly offset by increased operating expenses.

The group's net interest income climbed by an annual 24% to 3.656 billion lei in 2023, while its net fee and commission income increased by 7.2% to 1.013 billion lei. The net trading result dropped by 12.5% to 552 million lei, due to lower trading activity.

The non-performing loan (NPL) ratio was 2.9% at end-December 2023, compared to the previous year's 2.8%, while the NPL provisioning ratio was 168.7%.

Loan volume grew by 6.2% to 58.7 billion lei in 2023, while deposits went up by 3.8% to 7.589 billion lei, supported by both retail and corporate segments.

The total assets of BCR Group increased to 108.9 billion lei at the end of 2023 from 98.9 billion a year earlier.

BCR Group comprises lenders Banca Comerciala Romana and BCR Banca pentru Locuinte as well as BCR Pensii, BCR Leasing IFN and BCR Chisinau.

(1 euro=4.97 lei)