BCR posts net profit of 343.8 million Euro in first nine months of 2023

BCR achieved a net profit of RON 1,698.2 million (EUR 343.8 million) in 1-9 2023, up by 10.3 percent against RON 1,539.7 million (EUR 312.0 million) in 1-9 2022, driven by improved operating result underpinned by advance in customer business.

Operating results improved by 18.2 percent to RON 2,324.5 million (EUR 470.7 million) in 1-9 2023 from RON 1,966.6 million (EUR 398.5 million) in 1-9 2022, on the back of higher operating income, partly offset by increased operating expenses.

Net interest income increased by 27.0 percent to RON 2,670.6 million (EUR 540.7 million) in 1-9 2023, from RON 2,102.1 million (EUR 426.0 million) in 1-9 2022, driven by higher business volumes and market rates.

Net fee and commission income improved by 4.4 percent to RON 723.9 million (EUR 146.6 million) in 1-9 2023, from RON 693.3 million (EUR 140.5 million) in 1-9 2022, driven by increased fee income from corporate lending as well as higher securities fees.

Net trading result dropped by 11.3 percent to RON 401.5 million (EUR 81.3 million) in 1-9 2023, from RON 452.9 million (EUR 91.8 million) in 1-9 2022, on lower trading activity.

Operating income increased by 15.5 percent to RON 3,838.6 million (EUR 777.2 million) in 1-9 2023, from RON 3,324.5 million (EUR 673.7 million) in 1-9 2022, driven by higher net interest income as well as higher net fee and commission income.

General administrative expenses reached RON 1,514.1 million (EUR 306.6 million) in 1-9 2023, up by 11.5 percent in comparison to RON 1,357.9 million (EUR 275.2 million) in 1-9 2022, on the back of higher personnel expenses generated by the inflationary environment, partly offset by lower contribution to deposit insurance fund in 2023.

“We are advancing the financial literacy and knowledge transfer approach, whereby people gain confidence in their potential and make smart financial choices, both on a personal and business level. We are doing this through the 230,000 people who benefitted of a financial coach session in BCR branches in the first nine months of 2023, as well as the more than 645,000 people who went through Money School courses. We also do this through every conversation we have with the business community, which brings in attention the transformation of the Romanian economy, alongside industry 4.0 and the available sources of financing. Understanding how financial and entrepreneurship literacy, as well as strategic investment and innovation, can positively influence national GDP will help us build country financial resilience. We need to increase our security – financial, energy, food, technological – to navigate through the uncertainty prevailing on the international scene. Therefore, our role at BCR is to provide solutions. To be close to the people, to listen and to bring together financial and societal capital, because this is the only way we can talk about a prosperous and inclusive economy despite the overall challenges,” said Sergiu Manea, CEO Banca Comercială Română.