BCR, the biggest bank on the market posted 55.4 million lei (about 13 million euro) net profit in 2010, down by almost 77% compared with 2009, by Romanian accounting standards (RAS), which require additional provisions compared with the international standards (IFRS).
The difference between the two reporting systems is spectacular: the net profit by IFRS stood at 732 million lei (174 million euros), according to the annual report of the group. Starting next year, banks will use only IFRS for reporting purposes.
The year 2010 was extremely taxing for the managerial skills of the BCR management: the Executive Board run by CEO Dominic Bruynseels, which also includes the four vice-presidents: Wolfgang Schoiswohl (corporate), Oana Petrescu (retail), Helmuth Hintinger (financial) and Michael Beitz (risk), had no less than 119 special meetings on top of the periodical 50.
BCR, the biggest bank on the market posted 55.4 million lei (about 13 million euro) net profit in 2010, down by almost 77% compared with 2009, by Romanian accounting standards (RAS), which require additional provisions compared with the international standards (IFRS).
The difference between the two reporting systems is spectacular: the net profit by IFRS stood at 732 million lei (174 million euros), according to the annual report of the group. Starting next year, banks will use only IFRS for reporting purposes.
The year 2010 was extremely taxing for the managerial skills of the BCR management: the Executive Board run by CEO Dominic Bruynseels, which also includes the four vice-presidents: Wolfgang Schoiswohl (corporate), Oana Petrescu (retail), Helmuth Hintinger (financial) and Michael Beitz (risk), had no less than 119 special meetings on top of the periodical 50.
