Romanian lender Banca Comerciala Romana Group (BCR) achieved a net profit after tax and minority interests of EUR 18.1 million in the first quarter of 2011, down 68.7 percent compared to the same period of 2010. BCR group's operating profit in the first quarter decreased by 20.2 percent to EUR 144.5 million. The net operating income also went down in the first quarter to EUR 250.4 million, from EUR 282.1 million in 2010.

The net trading result increased by 10.7 percent in the first quarter of this year, compared to the same period in 2010, in particular on exchange transactions, while operating expenses increased from EUR 97.7 million in the first quarter of 2010, to EUR 105.9 million this year.

According to BCR, its loans portfolio had a relatively satisfactory evolution in the first quarter of 2011, with nonperforming loans staying at a tolerable level, of 16.8 percent of the total portfolio. BCR Group had a comfortable rate of recovery of bad loans by about 129 percent (guarantees and provisions), according to the group. BCR is majority owned by Austrian Erste.

Irina Popescu, irina.popescu@romania-insider.com