EBRD sees 2011 profits of more than 800 mln euros
The European Bank for Reconstruction and Development expects to report realised profits of more than 800 million euros in 2011, after making record investments of over 9 billion euros last year, the bank said on Wednesday.
Net profits will be lower than the realised profits due primarily to lower equity valuations, the bank said in a statement.
Non-performing loans dropped to 2.6 percent of total loans in 2011, from 2.9 percent in 2010.
Investments last year included a 10 percent increase to one billion euros in investment to Early Transition Countries — 10 of the poorest countries in the region such as Mongolia, Tajikistan and Armenia.
The EBRD will extend its mandate to North Africa in 2012. Jordan and Tunisia became EBRD members at the end of 2011, the EBRD said, and along with existing shareholders Egypt and Morocco are looking to receive investment from the development bank.
(Reporting by Carolyn Cohn; editing by Sujata Rao)
Net profits will be lower than the realised profits due primarily to lower equity valuations, the bank said in a statement.
Non-performing loans dropped to 2.6 percent of total loans in 2011, from 2.9 percent in 2010.
Investments last year included a 10 percent increase to one billion euros in investment to Early Transition Countries — 10 of the poorest countries in the region such as Mongolia, Tajikistan and Armenia.
The EBRD will extend its mandate to North Africa in 2012. Jordan and Tunisia became EBRD members at the end of 2011, the EBRD said, and along with existing shareholders Egypt and Morocco are looking to receive investment from the development bank.
(Reporting by Carolyn Cohn; editing by Sujata Rao)
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