16m-euro profit for Bancpost last year
EFG Eurobank Greek financial group, the owner of Bancpost, last
year posted net income worth 15.8m euros from Romanian operations,
compared with an 8.3m-euro loss in 2009.
The results the group reported in Athens are calculated in line
with IFRS.
Assets dropped by 4.6% and reached 5.35bn euros, mainly amid the
narrowing loan portfolio.
These are the last figures generated under the executive term of
Mihai Bogza, who starting January was left with the Bancpost
chairman of the board position, while the executive position was
taken over by Peter Weiss, the former head of ABN Amro (which
became RBS Romania).
Bancpost, ranking ninth domestically in terms of end-2010 assets,
has struggled a lot with the loan portfolio over the past two
years, which had grown exponentially amid the economic boom. The
crisis and the lack of a sufficient mass of corporate and retail
clients dramatically hurt the bank's figures. EFG had to add over
100m euros to Bancpost's capital and the bank cleaned up its
balance sheet.