BCR recorded a net profit of 96.5 million Euro in the first quarter

BCR recorded a net profit of 477.5 million RON (96.5 million Euro) in Q1 2022, up 12.5 percent ​​compared to 424.6 million RON (87.0 million Euro) in Q1 2021, due to an improved operating performance supported by the continued strong growth of lending.

The operating result improved by 20.8 percent to 588.5 million RON (119.0 million Euro) in Q1 2022, from 487.1 million RON (99.8 million Euro) in Q1 2021, on higher operating revenues, partially offset by higher operating expenses.

Net interest income increased by 11.0 percent to 659.2 million RON (133.3 million Euro) in Q1 2022, from 593.8 million RON (121.7 million Euro) in Q1 2021 , determined by a higher volume of business on both the retail and corporate customer segments, together with higher interest rates on the money market.

Net commission income increased by 23.9 percent to 226.2 million RON (45.7 million Euro) in Q1 2022, from 182.6 million RON (37.4 million Euro) in Q1 2021 , determined by a higher commission income on all categories of commissions.

The net result from trading increased by 86.5 percent to 149.0 million RON (30.1 million Euro) in Q1 2022, from 79.9 million RON (16.4 million Euro) in Q1 2021, due to higher trading activity and also amplified by a higher number of foreign exchange transactions determined by the current geopolitical context.

Operating income increased by 20.1 percent to 1,060.3 million RON (214.4 million Euro) in Q1 2022, from 882.9 million RON (180.9 million Euro) in Q1 2021, determined of all the main components of income.

General administrative expenses amounted to 471.8 million RON (95.4 million Euro) in Q1 2022, up 19.2 percent compared to 395.8 million RON (81.1 million Euro) in Q1 Q1 2021, mainly due to the higher annual contribution to the Deposit Guarantee Fund in 2022, higher IT costs, utilities, and higher seasonal marketing costs.

Thus, the cost-revenue ratio remained stable at 44.5 percent in Q1 2022, compared to 44.8 percent in Q1 2021.

“In uncertain times, people need real, real-time support. I am proud of the way my colleagues from BCR mobilized during this period and showed that together, through involvement, we prove our humanity. We do this through the contribution we have to the education and financial health of Romanians, even in times when they feel constrained by uncertainties, by providing the information necessary for smart financial choices. We will continue to play an active role with our clients, listen to and support them, and learn to build resilience together.

We are talking about Financial Education and it is important to understand the concrete needs, to be with people, to offer them the tools for action for responsible decisions. We remain dedicated to our mission, to accelerate a new way of developing, through which we bring long-term value and build prosperity for Romania.

We talk about relevance, resilience and reciprocity. Because banking is about customers who believe in them and in investments for the future, it is about people,” said Sergiu Manea, CEO of BCR.