BCR, the biggest bank on the market, is reeling from the effectsof the crisis: assets went down by almost 1 billion euros in 2009compared with 2008, to 15.1 billion euros, while net profitcalculated by the international reporting standards (IFRS) stood atsome 211 million euros, half the record profit posted in theprevious year, according to banking sources.
Harsh provisioning requirements of NBR caused BCR's net profitby Romanian accounting standards (RAS) to drop to merely 47.5million euros.
As for 2010, the bank management built an IFRS-compliant budgetthat includes a 13% increase in the net profit in RON, to more than1 billion RON (about 243 million euros), while assets should go upby 6.5% to some 68 billion RON (16.5 billion euros).
At the same time, BCR set out to increase the volume of loansgranted to clients by almost 17% to 54 billion RON (13.2 billioneuros), compared with 46.1 billion RON in 2009 (11 billion euros).Last year, the volume of loans in BCR's balance sheet went up bymerely 2.4%, almost 10 times slower than in 2008. The 2010 spendingand revenue budget is to be approved by shareholders during theGeneral Meeting set for the 27th of January.
Although lending did significantly slow down in BCR's case,provisions for losses caused by the deterioration of the assetquality leapt to more than 2 billion RON (almost half a billioneuros). In 2010, their volume should go down to 1.8 billion RONbased on the premises the bank's budget was built on.
As far as BCR group is concerned, the 2009 net profit stood at185 million euros, lower than the bank's, mainly because of theabout 10 million-euro losses of BCR Leasing.
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