Banks in Romania earned cumulated net profits of about EUR 810 million in the first nine months of this year, up 60% compared to the profit recorded during the same period last year, reports local Ziarul Financiar.

The banks’ assets reached EUR 84 billion at the end of September, up EUR 4.1 billion year-on-year, according to data from Romania’s National Bank (BNR).

In the first quarter of this year, the banking system had total profits of about EUR 377 million. By mid-year, the profits went up to EUR 532 million. The growth continued in the third quarter.

Both the return on assets (ROA) and return on equity (ROE) were in a positive territory after the first nine months of the year, reaching 1.3%, respectively 12.32%.

The local banks’ profits went up as they managed to improve the quality of their portfolios, and to reduce their provisions and operational expenses. The new loans have also been going up.

editor@romania-insider.com