Romanian Banks Posted Total $127 Million Loss in 2011, ZF Says

Romania’s banks posted a total loss of 430 million lei ($127 million) at the end of 2011 because of bad-loan provisions, Ziarul Financiar reported today, without saying where it got the information.

The loss narrowed from 2010, when the Romanian banking industry posted a combined loss of 516 million lei, after the banks reduced provisions and cut costs firing people in December, saving around 400 million lei, the Bucharest-based newspaper said today.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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