March 1, 2017 / 5:50 PM / 5 months ago

Development bank EBRD ups profit to 1 billion euros in 2016

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LONDON, March 1 (Reuters) - The European Bank for Reconstruction and Development said on Wednesday it made a profit of 1 billion euros ($1.06 billion) in 2016, one of the highest in its 26-year history.

Topping the 0.8 billion euros it made in 2015, the profit comes from a record 9.4 billion euros of investments across a region that has spread from its central and eastern Europe heartland as far as Morocco and Mongolia.

"The EBRD's ongoing success and strength is evident," a spokesman for the development bank said.

The EBRD was set up in 1991 to invest in the former Soviet economies of eastern Europe. It owned by 65 of the world's governments and currently has a ban on new lending in Russia. ($1 = 0.9465 euros) (Reporting by Marc Jones; editing by John Stonestreet)

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