LONDON: The European Bank for Reconstruction and Development expects to report realized profits of more than €800 million in 2011, after making record investments of over €9 billion last year, the bank said on Wednesday.
Net profits will be lower than the realized 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 €1 billion 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.