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Bancpost’s profit has halved at end-September

Bancpost, local subsidiary of Greek Eurobank group, registered in the first nine months of 2016 a net profit of RON 31.4 million, less than half of what the financial institution posted in the same period last year, RON 66 million, a press release informs.

In the same period, the total assets increased by 5.7 percent year-on-year to RON 11.1 billion, client deposits rose by +16.2 percent to RON 8.7 billion, while gross loans also reached RON 5.9 billion.  As a result, the loan-to-deposit ratio stood at 68 percent, confirming the bank’s high level of funding independence.

“These results are very satisfactory and underline the sustainability of our business model and the solidity of the bank as they were achieved against the backdrop of a challenging local legislative environment and historically low interest rates. Bancpost remains actively involved in supporting its clients, focusing its efforts on developing financial solutions that best address clients’ needs”, Philippos Karamanolis, Executive President of the Bank stated.

However, the operational expenses maintained their decreasing trend, reducing by 3.7 percent compared to the first nine months of 2015.

The quality of the loan portfolio continued to improve, the NPL ratio decreasing to 9.1 percent compared to 16.5 percent in the same period of 2015 and below the banking sector average of 10 percent.

The capital adequacy ratio increased to 21.79 percent, compared to 20.51 percent at the end of 2015 and 18.75 percent in December 2014.

Bancpost has a network of over 530 ATMs, 6,100 POS terminals and 190 self-service Payment terminals.

 

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