Summary¹:

⎯    Year-on-year growth of BCR's business in H1 2025 versus H1 2024. A 9% increase in net assets, a 12% rise in net profit, 10.8% higher operating revenues, and a 11.9% growth in operating result, all driven by a higher business volume with clients.

⎯    Over 2.4 million Romanians benefited from financial literacy and personalized financial planning through the Money School program and the Financial Coaching service, which was integrated into the George Benefits Program. In H1 2025, more than 300,000 BCR clients who set a goal in the George Benefits Program opened a savings account.

⎯    Financing the economy. More than 4,000 companies (including sole proprietors and microenterprises), supporting approximately 201,400 jobs, were financed by BCR in the first six months of 2025.

⎯    Accelerated digital product adoption in retail, 94% of all BCR products for private individuals (current account opening, mortgage and personal loans, savings account, deposits, insurance, and investment products) granted on a 100% digital flow, compared to 88% in H1 2024.

Open for people, open for impactful business

⎯    The stock of net customer loans granted by Banca Comercială Română (BCR Group) advanced by 4.3% year-on-year as of 30 June 2025.

⎯    New loans of RON 9 billion granted in H1 2025 to households (mortgage and unsecured consumer) and microenterprises. The stock of unsecured consumer loans (including credit cards and overdrafts) increased by 27.5% yoy. At the same time, the stock of standard mortgage loans (Casa Mea) granted in local currency increased by 19.4% yoy, with Prima Casă loan portfolio impacted by declining demand.

⎯    New corporate loans of RON 7.5 billion approved in H1 2025, of which approximately 34% are aimed for investments.

Sustainable impact and development:

⎯    More than RON 1.6 billion (EUR 320 million) in sustainable corporate financing, with a volume more than double compared to H1 2024. The majority of these financings are renewable energy and distribution network projects, with BCR being the main partner for this type of investments and initiatives developed in Romania.

⎯    The Casa Mea Natura loan, designed for the purchase of housing with energy certificate A and B, accounted for 80% of new mortgage loans granted in H1 2025, up from last year’s average of 69%, and with a volume nearly triple compared to H1 2024.

BCR Group recorded a net profit of RON 1,473 million (EUR 294 million) in H1 2025.

Financial literacy and prevention for the whole life cycle

⎯    Approximately 2.4 million Romanians educated through BCR's financial education programs – Money School and Financial Coaching

⎯    More than 1.5 million people benefited from a personalized financial plan through Financial Coaching, including over 520,000 in H1 2025 alone. This planning tool has been integrated into the George Benefits Program, Romania’s first banking loyalty program, available to 1.4 million BCR clients. Structed across five benefit levels – Go, Advanced, Pro, Max, and Max Invest – the program encourages clients to diversify their financial portfolios and optimize their banking costs. In the first six months of the year, 60% of the clients who set a goal in the George Benefits Program chose saving as their financial priority, and opened a savings account.

⎯    Over 861,000 children, teenagers, young people and adults are Money School graduates. Launched in 2016, the project has become the largest financial education program in Romania, helping Romanians improving their relationship with money and make informed decisions. In H1 2025, more than 46,000 people attended Money School trainings.

⎯    In 2025, the LifeLab program was expanded nationwide through the digital platform life-lab.ro, becoming and educational hub for teachers and valuable tool in developing a more informed and financially confident generation. Over 14,000 teachers accessed the platform in H1 2025, gaining access to more than 400 interdisciplinary educational resources designed to support classroom discussions about money management.

⎯    Financial education through play at Destiny Park. In partnership with the first edutainment center in Romania and Eastern Europe, over 37,000 children aged 3-14 discovered the mechanisms of work, income and expenses. In addition, approximately 4,000 children experienced what it means to be a banker for a day at the BCR branch, which serves as the bank of Destiny City. This project is part of BCR’s efforts to integrate financial education in an interactive and engaging way for children, helping them become familiar with basic concepts such as the value for money, financial planning, and saving.

⎯    BCR’s financial inclusion program for rural and small urban communities, through which BCR operates two mobile branches, has so far covered 15,000 km and reached 35 communities, supporting over 5,000 people through financial education sessions and personalized banking services.

Accelerated digitalization

⎯    2.64 million users of George digital ecosystem (internet banking and mobile banking), of which 2.28 million active George app users up by 14% year-on-year.

⎯    Accelerated growth in insurance and private pension product adoption. 90% of all BCR protection and insurance products purchased through a 100% digital flow directly in George, with a 22% year-on-year increase in the total number of active policies. Additionally, BCR, in partnership with OMNIASIG Vienna Insurance, launched the individual health insurance product Medical Protect, available directly in the George app, offering retail clients a modern and affordable health protection solution.

⎯    In Q2 2025, 98% of clients joined the BCR Plus Optional Pension Fund (Pillar III) through the fully digital flow available in George. This enhanced digital experience led to a 100% increase of new enrollments in H1 2025 compared to the same period last year, and the BCR Plus Optional Pension Fund (Pilar III) now has over 167,000 participants building their future with BCR Pensii.

⎯    Over 160,000 companies are enrolled in George for business, a unique digital ecosystem in Romania. In Q1 2025, more than 70% of eligible customers started their relationship with the bank through Digital Onboarding, and almost 70% of the microenterprise lending was granted through our portfolio of digital products including Digital Overdraft, George Smart Credit, and George Credit Card.

Customer engagement transformation

⎯    BCR is the first bank in Romania to integrate the “Click to Pay” payment solution, developed by Mastercard, directly into George. This new option offers retail and business clients (sole proprietors and microenterprises) a fast and secure online payment experience, without the need to manually enter card details.

⎯    We continued to develop the open banking system, facilitating the opening of George accounts through a 100% digital process, directly from the OLX, MedLife, Dedeman, Kaufland, eMAG, Lidl Plus, MyVodafone, Rompetrol, and Profi apps. Additionally, Animawings, Paralela45, Dertour and Voxa joined as new partners in George Store, offering exclusive promotions to users.

⎯    The open banking system was also extended to business clients – sole proprietors and microenterprises, allowing them to open a George for Business account directly from platforms such as Trans Sped, REGNet, MedLife, QuickLegal, and Easybill. Moreover, George Store is the largest marketplace of solutions for entrepreneurs, offering preferential prices for services from Bitdefender, Banqup, Edenred, Vodafone, Regina Maria, and many other commercial partners.

⎯    More than RON 34 million gained by BCR customers through George Moneyback, the loyalty program that gives money back, as a discount, to BCR clients using card payments. George Moneyback has reached over 1.5 million users, up 15% compared to H1 2024.

BCR’s impact on economy and society

In retail banking business, BCR generated total new loans to individuals and micro businesses of RON 9 billion in H1 2025. The stock of unsecured consumer loans (including credit cards and overdrafts) increased by 27.5% yoy. At the same time, the stock of standard mortgage loans (Casa Mea) in local currency increased by 19.4% yoy, with Prima Casă loan portfolio impacted by declining demand.

In corporate banking business, BCR approved new corporate loans of RON 7.5 billion in H1 2025, of which approximately 42% are aimed for investments.

In H1 2025, BCR Leasing recorded a 12% increase in the volume of new financing compared to the same period last year. BCR’s leasing subsidiary continued to actively support the business environment, with an increase of over 30% in the financing of light commercial vehicles for passengers and goods transportation, as well as passengers cars.

BCR Leasing continued investing in the digitalization of the client service experience by updating the eBCR Leasing platform and launching the 100% online auto financial leasing option for microenterprises with up to five associates. This feature allows entrepreneurs to complete the entire financing process digitally, from vehicle selection and financing structure configuration to electronic contract signing and vehicle pick-up from the chosen dealer.

In the first half of the year, 37% of early repayment requests processed by BCR Leasing were submitted through LEA, the virtual assistant integrated into the Self-Service platform. Moreover, LEA, the 24/7 AI chatbot, provided quick access to information and services, helping clients manage their leasing relationship more easily. So far, 79% of BCR Leasing clients, regardless of ownership structure, have completed the personal data update process fully online using this tool.

BCR Social Finance supported over 1,150 micro-enterprises, including 580 in the agribusiness sector, by providing financing totaling EUR 22 million and supporting over 1,700 jobs. Additionally, in H1 2025, it financed 18 NGOs and social enterprises, contributing to the well-being of over 10,500 beneficiaries and helping maintain more than 350 jobs. These financing initiatives support the United Nations' Sustainable Development Goals (SDGs), with a particular focus on SDG 1 (No Poverty), SDG 2 (Zero Hunger), SDG 3 (Good Health and Wellbeing), SDG 4 (Quality Education), and SDG 11 (Sustainable Cities and Communities). Moreover, BCR Social Finance granted 111 StudyUP loans for lifelong learning, supporting continuing education through university, master's, doctoral, or specialization courses.

In H1 2025, the final of the Marc Impact Program first edition took place. Three of the 24 Romanian businesses selected in the project had the opportunity to pitch their development plans, with HelpAutism winning the Excellence Award. The Marc Impact Program is a regional scaling program for impact-driven businesses, an initiative of the ERSTE Foundation, ERSTE Social Finance Holding, and Simpact IFUA, implemented in Romania by BCR and Synerb. The next edition of the program will officially launch in September.

Financial highlights for BCR Group in H1 2025

BCR achieved a net profit of RON 1,473 million (EUR 294 million) in H1 2025, up by 12.0% against RON 1,314 million (EUR 264 million) in H1 2024, driven by improved operating result underpinned by advance in customer business.

Operating result improved by 11.9% to RON 2,084 million (EUR 417 million) in H1 2025, from RON 1.862 million (EUR 374 million) in H1 2024, on the back of strong increase in operating income, partly offset by increase in operating expenses.

Net interest income increased by 12.9% to RON 2,370 million (EUR 474 million) in H1 2025, from RON 2,099 million (EUR 422 million) in H1 2024, driven by higher business volumes.

Net fee and commission income improved by 4.3% to RON 548 million (EUR 109 million) in H1 2025, from RON 525 million (EUR 106 million) in H1 2024, driven by higher transactional business, lending and insurance activity.

Net trading & FV result increased by 9.0% to RON 276 million (EUR 55 million) in H1 2025, from RON 253 million (EUR 51 million) in H1 2024.

Operating income increased by 10.8% to RON 3,215 million (EUR 643 million) in H1 2025, from RON 2,902 million (EUR 583 million) in H1 2024, driven by all three major income components.

General administrative expenses reached RON 1,131 million (EUR 226 million) in H1 2025, up by 8.7% in comparison to RON 1,041 million (EUR 209 million) in H1 2024, on the back of higher IT costs to support strategic projects together with higher personnel expenses.

As such, cost-income ratio improved to 35.2% in H1 2025, versus 35.9% in H1 2024.

Risk Costs and Asset Quality

Impairment result from financial instruments recorded a provision allocation of RON 104 million (EUR 20.8 million) in H1 2025, relatively stable as compared to an allocation of RON 94.3 million (EUR 19 million) in H1 2024. The current result was driven by provision allocations triggered by the increase in the loan book as well as for the new NPL formation, partially offset by recoveries and by the periodical update of credit risk parameters.

NPL ratio stood at 3.5% as of June 2025, as compared to the 2.6% level recorded as of December 2024. This temporary evolution was driven by regular levels of new NPL formation on both retail and corporate segments, coupled with several larger isolated events of corporate defaults. The NPL ratio is expected to decline by the year end as a result of further NPL reduction measures. At the same time, the NPL provisioning coverage remained high at 130.4% as of June 2025.

Capital position and funding

Total (Tier 1+2) capital ratio of BCR Group stood at 23.0% as of May 2025 (estimate level) and at 23.5% as of December 2024 (after profit capitalization), well above the regulatory requirements of the National Bank of Romania and clearly reflecting BCR’s strong capital and funding positions.

Net loans and advances to customers remained relatively stable against 31 December 2024 at RON 66,439 million (EUR 13,082 million) as of 30 June 2025.

Deposits from customers decreased by 5.2% to RON 86,256 million (EUR 16,985 million) as of 30 June 2025 from RON 91,008 million (EUR 18,296 million) as of 31 December 2024.

¹ All the financial data presented below constitute the unaudited consolidated results of Banca Comercială Română (BCR) Group for H1 2025, according to IFRS. Unless otherwise specified, the H1 2025 financial results are compared to H1 2024 results. Also, unless otherwise specified, the exchange rates used to convert amounts into euros are those communicated by the European Central Bank. The profit and loss account are converted using the average exchange rate for H1 2025, i.e. 5.0016 RON/EUR when referring to the H1 2025 results, and using the average exchange rate for H1 2024, i.e. 4.9742 RON/EUR with reference to H1 2024 results. The balance sheets as of 30 June 2025 and 31 December 2024 are converted using the closing exchange rates on those dates (5.0785 RON/EUR on 30 June 2025 and 4.9743 RON/EUR on 31 December 2024). All the percentage changes refer to the figures expressed in RON.