BCR, the biggest local financial group, ended the first quarterwith a modest net profit, 76.1 million lei (about 18 millioneuros), with the persistent difficult economy showing in the finalresult, which accounts for less than one third of the income incorresponding period of 2010.
"The difficult economic context continues to have a negativeimpact on our clients and on BCR," says Dominic Bruynseels, CEO ofthe BCR group.
Provision spending remained high at 457 million lei (some 109million euros). Unlike the last three months of last year, BCR,however, managed to boost operating revenue by 8% to a little morethan one billion lei (241 million euros).
"A lending market that is still weak, with volumes that aren'thigher than last year and probably a lower interest margin affectedinterest revenue. I don't think the second quarter will looksignificantly better," says Florin Ilie, head of the capitalmarkets department of ING Bank that monitors the financial resultsof the Austrian Erste group, BCR's main shareholder, which is alsolisted on the Bucharest Stock Exchange.
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