BCR budgets 20% revenue growth

BCR, the biggest bank on the market, this year expects a 20% increase in revenues, with a similar pace being projected in the case of expenses, according to the draft budget due to be submitted to shareholder approval on January 21, according to market sources. For the first nine months, the bank reported an operating revenue increase of above 40%, already above expectations, while administrative expenses rose by 6.7%. The above-quoted sources say this also led to a higher than expected increase in annual income, without specifying the value of the final indicator. The nine-month net income had already reached 341.5m euros, up by almost 72% from the previous year, in part because of the around 62m euros received for the stake in Asiban. According to the above-quoted sources, the income budgeted for this year stands at the same level as last year's profit. Besides the around 20% increase in revenues and expenses, BCR also expects growth by almost 22% in assets and liabilities in 2009. According to the latest official data, BCR in the first nine months of last year generated net income after taxation and the payment of minority interests of 1.24bn RON (341.5m euros), up 71.8% from the figure posted in the same period of 2007. The bank's total assets rose by 4% in the same period of 2008, to 62bn RON (16.57bn euros).