BCR posts net profit of 264 million Euro, up 18.3 percent in the first half of 2024
BCR achieved a net profit of RON 1,314 million (EUR 264 million) in H1 2024, up by 18.3 percent against RON 1,111 million (EUR 225 million) in H1 2023, driven by improved operating result underpinned by advance in customer business.
Operating result improved by 21.7 percent to RON 1,862 million (EUR 374 million) in H1 2024, from RON 1,530 million (EUR 310 million) in H1 2023, on the back of strong increase in operating income and well managed operating expenses.
Net interest income increased by 18.6 percent to RON 2,099 million (EUR 422 million) in H1 2024, from RON 1,770 million (EUR 359 million) in H1 2023, driven by higher business volumes.
Net fee and commission income improved by 16.8 percent to RON 525 million (EUR 106 million) in H1 2024, from RON 450 million (EUR 91 million) in H1 2023, driven by balanced growth in all fee categories.
Net trading result dropped by 12.0 percent to RON 253 million (EUR 51 million) in H1 2024, from RON 287 million (EUR 58 million) in H1 2023, on lower trading activity.
Operating income increased by 14.4 percent to RON 2,902 million (EUR 583 million) in H1 2024, from RON 2,537 million (EUR 514 million) in H1 2023, driven by higher net interest income as well as higher net fee and commission income.
General administrative expenses reached RON 1,041 million (EUR 209 million) in H1 2024, up by 3.3 percent in comparison to RON 1,007 million (EUR 204 million) in H1 2023, on the back of higher other administrative expenses mainly IT, consultancy and marketing costs, while personnel expenses declined.
As such, cost-income ratio improved to 35.9 percent in H1 2024, versus 39.7 percent in H1 2023.
In interacting with the business community, we are approaching financial planning within the lens of the green and digital economy transition, as well as the financing programs available. We launched George SmartEU, a tool that gives entrepreneurs real-time access to relevant data so they can create business and impact at scale. Along with investing in people and education, these are the real opportunities we have to generate long-term value prosperity in Romania,” said Sergiu Manea, CEO of BCR.