BRD, part of Groupe Societe Generale, registered a RON 367 million (EUR 88.6 million) net profit in the first half of the year, down by 13.7 percent on the similar period of last year. The lender’s provisions surged by about 54 percent, reaching RON 628 million (EUR 151 million). At the end of June BRD had 2.5 million customers and managed assets worth EUR 11.1 billion, 2 percent down on H1 2009.
“The bank’s activity is affected by the lingering economic crisis which translates into a law demand for banking products and threfore into high risk costs. BRDs efficiency was sustained by internal cost control measures which have led a to a very good cost/income ratio”, said Guy Poupet, BRD’s general director. He added that even in the current economic context, BRD managed to score an above the average rentability.