BRD profits drop by 19 percent to EUR 90 mln on Q3

Newsroom 04/11/2011 | 13:26

BRD-Groupe Societe Generale, the second bank in Romania after asset value, has registered a profit of EUR 90 million, nine months into 2011, which is a 19 percent decrease from the result obtained in the first three quarters of 2010. The net banking income also decreased by 9 percent to EUR 571.6 million.

BRD reported a gross operating income of EUR 325 million and an operating ratio of 43.1 percent. The return on equity (ROE) stood at 10.9 percent at end-September 2011.

“The third quarter was marked by a resilient low demand for banking services, as the economic recovery is modest. The level of general expenses has been kept at a constant level compared to the similar period of 2010”, stated Guy Poupet, President – General Director of BRD.

The lender’s total volume of customer loans decreased by 3 percent to EUR 7.61 billion, nine months into 2011, while customer deposits have remained constant, totaling EUR 6.86 billion at end-September 2011, versus the similar period of 2010.

BRD had 2.4 million clients at end-September 2011 and 2.2 million valid cards.