BCR reports 18% profit growth in H1 2024 due to increased customer business
<p>Banca Comercială Română (BCR), the second-biggest lender in Romania, part of the Austrian Erste Bank Group, has announced strong financial results for the first half of 2024, showcasing significant growth across key performance indicators. The bank recorded a net profit of RON 1,314 million (EUR 264 million), marking an 18.3% increase from RON 1,111 million (EUR 225 million) in the same period last year. This growth was driven by an improved operating result and increased customer business.</p>

<p>Net interest income rose by 18.6% to RON 2,099 million (EUR 422 million), up from RON 1,770 million (EUR 359 million) in H1 2023, primarily due to higher business volumes. Additionally, net fee and commission income improved by 16.8% to RON 525 million (EUR 106 million).</p>

<p>BCR's operating income grew by 14.4%, reaching RON 2,902 million (EUR 583 million) compared to RON 2,537 million (EUR 514 million) in the previous year. Meanwhile, operating expenses increased only by 3.3% to RON 1,041 million (EUR 209 million), leading to an improved cost-income ratio of 35.9% from 39.7% in H1 2023.</p>

<p>The bank's total assets grew to RON 110,956 million, up from RON 108,851 million at the end of 2023. Net loans and advances to customers saw an 8.4% increase to RON 63,679 million (EUR 12,794 million), while customer deposits increased by 4.3% to RON 81,854 million (EUR 16,445 million).</p>

<p>In H1 2024, BCR granted new loans of RON 8.2 billion to households (mortgage and unsecured consumer) and microenterprises, with a 39.6% year-on-year increase in the loan stock for micro-enterprises.</p>

<p>The bank also reported substantial progress in its digitalization efforts, with 87% of all products for private individuals being granted through a 100% digital flow in H1 2024. The George digital ecosystem now boasts 2.4 million users, with nearly 2 million active users, up 15% year-on-year.</p>

<p><strong>BCR's CEO, Sergiu Manea</strong>, highlighted the bank's commitment to community impact and financial literacy, stating, “The products and services we develop start from the added value they bring to our customers but also from the impact and the multiplier effect they have in the community. In interacting with the business community, we are approaching financial planning within the lens of the green and digital economy transition.”</p>

<p>In addition to its financial performance, BCR continues to make significant strides in promoting financial literacy. The bank's programs, such as Money School and Financial Coaching, have reached over 1.35 million Romanians, empowering them to make informed financial decisions.</p>

<p><em>editor@romania-insider.com</em></p>

<p><em>(Photo source: BCR)</em></p>