The second quarter of this year seriously diluted the profits of Greek shareholders: while Banca Romaneasca saw its net income go down by 17%, Bancpost's losses rose, according to the data published by majority stakeholders, namely EFG Eurobank and National Bank of Greece financial groups.
Bancpost and the other Romanian subsidiaries of EFG Eurobank ended the second quarter with net losses of 3.5m euros, after the bank had registered a 4.1m-euro loss result in the first three months. The figures are calculated in line with international financial reporting standards. Overall, in the first six months of this year the net figure indicates a 7.6m-euro loss, from a 23.5m-euro profit in the same period of 2008.
"In the first half of the year we were hurt by the rising non-performance, which has as a matter of fact hit the entire banking system. On the other hand, we tried to keep a comfortable liquidity position, and this came with some costs, particularly in the first three months of the year, when interests went through the roof," Mihai Bogza, Bancpost chairman and chief executive, told ZF.
In mid-year, Eurobank reported deposits attracted on the Romanian market worth 2.32bn euros, from 2.35bn euros in March. The volume of released loans also posted a slight contraction during this interval, falling from 3.75bn euros to 3.68bn euros.
Bancpost was seriously hurt by the rising provisions that completely eroded the 64.5m-euro operating income registered in the first half. Bogza shows a moderate optimism for the second half.
"We're somewhat more upbeat about the second half of the year and I don't believe we'll need any further capital increases (...)," notes Bogza.
For Banca Romaneasca, controlled by National Bank of Greece group, the second quarter ended with net income worth 5m euros, compared with the 6m euros generated in the same per
