BRD: Net profit worth 210 million euros, down 19 percent in Q1

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BRD-Groupe Societe Generale registered a net profit worth 210 million lei (or 49 million euros), in Q1 in 2009, down 19 percent compared with the net result registered on March 31, 2008, according to data sent to Bucharest Stock Exchange (BVB).

The fall is mainly due to the significant surge in the cost of credit risk, but which, in the current market conditions can be considered as well controlled, reads the press release. According to the bank, if non-recurrent revenues are considered, for Q1 of 2008, the fall in the net result would be of only seven percent.

As regards the net banking revenue, it reached 815 million lei (or 191 million euros), in Q1, 18 percent higher than on March 31, 2008, and the gross profit from exploitation registered an increase of 20 percent compared with the similar period of last year, arriving at 460 million lei (or 108 million euros).

The total volume of credits to clients stands at 33 billion lei, up 19.5 percent compared with March 31, 2008. The credits for natural persons reached 16 billion le i, up 17 percent, while the credits for clients, granted to customers by legal persons rose 22 percent, to 17 billion lei.

BRD-Groupe Societe Generale is the second largest bank in Romania, in point of the total assets. The bank had, at the end of March 2009, as many as 2.6 million customers, and it operates a network of 935 units. The bank issued 2.3 million cards, owns a network of 1,400 ATMs and 20,000 POSs. The total assets of the bank stood, at the end of March 2009, at 50.6 billion lei (or 11.9 billion euros). BRD-Groupe Societe Generale is the second largest bank in Romania in point of the total assets. The bank numbers over 2.6 million customers and operates a network of 935 units. BRD has the second largest stock exchange capitalization on BVB.

BRD is part of the Societe Generale Group, one of the largest groups of financial services in the Euro area. The group numbers more than 160,000 employees worldwide.

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