BCR Group, part of Austrian Erste Bank group, announced that it achieved a net profit of RON 1.54 bln (EUR 312 mln) in January-September 2022, up by 34.8% against the same period in 2021, “driven by improved operating result underpinned by continued strong loan growth.”

Return to equity (ROE) rose to 14.4%, up from 11.7% in the same nine-month period of 2021.

The stock of loans (net) increased by 13.2% YTD to RON 54.20 bln (EUR 10.95 bln) at the end of September, supported by increases in both retail loans (+5.2% YTD to RON 28.3 bln) and corporate loans (+23.0% YTD to RON 25.5 bln).

The stock of deposits increased visibly slower, by 0.9% YTD, to RON 73.12 bln (EUR 14.77 bln) as of 30 September 2022 due to a decline in retail deposits (-5.3% YTD to RON 43.73 bln).

BCR recently hiked the deposit interest rate to 8% for 12 and 24-month deposits to the retail customers who receive their wages in BCR accounts. But in the first nine months of the year, the bank already earned net interest income 16.9% larger YoY - namely RON 2.10 bln (EUR 426 mln).

andrei@romania-insider.com

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