Romanian banks' aggregate loss down to EUR 55mn in Q3.

By bne IntelliNews November 1, 2010
The Romanian bank's aggregated loss diminished to RON 240.5mn (EUR 55mn) from EUR 150mn in Q2, Ziarul Financiar daily reported quoting central bank governor Nicolae Cinteza speaking for Mediafax. The majority of the large banks generated profits in the quarter and reported aggregated net earnings of RON 1.3bn (EUR 306mn). The loss-making banks reported an aggregated negative financial result of RON 1.77bn (EUR 361mn), Cinteza added. The profits and losses are calculated according to the Romanian accounting standards, which include a larger share of the non-performing loans to the loss, than the IFRS envisage. The provisioning of bad loans and the associated costs remained the main problems in the sector, Cinteza said. For the ytd period, the banking system accumulated a RON 474mn (EUR 110mn) loss, against EUR 100mn profit in Q1 and EUR 155mn loss in Q2. The local banks reported an aggregated net profit of EUR 200mn in 2009.

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