Bancpost posts over 73m-euro loss in line with RAS

Bancpost, the Romanian subsidiary of EFG Eurobank Greek group, ended last year with a net loss of over 73m euros in line with Romanian accounting standards (RAS). According to banking sources, this is the biggest financial loss any of the banks operating on the market has posted since 2009. Overall, 20 of the 42 lending institutions closed the year with a loss. The economic downturn hurt Bancpost more than other players, as the bank had had profitability problems in 2008 as well, before the shock of bad loans was felt, and it had not strengthened itself yet after several restructuring moves. The first quarter of 2009 brought a loss of around 4m euros even in line with international accounting standards. In the wake of operating cost cutting steps, Bancpost in the fourth quarter reached net income worth almost 45m euros in line with RAS, without being able to offset the losses of the first nine months, though. Bancpost is the only former state-owned bank on the market to suffer such a decline after privatisation.