BRD-Groupe Société Générale, the third largest bank in Romania based on assets, recorded a net profit of RON 750 million (EUR 164.5 million) in the first six months of this year, up 96.3% compared to the same period last year.

The higher profit was related to a positive risk cost, after canceling a provision of RON 270 million (EUR 59.2 million). By comparison, the bank saw a net profit of EUR 83.8 million between January and June last year.

The lender’s operating revenues fell by 6.4% in the first half of this year compared to the same period in 2016, reaching EUR 283 million. The net interest income advanced by 5.1% to EUR 169.3 million, but the commission income fell by 4.2% to EUR 76.6 million.

The bank's operating expenses increased by 2.1% in the first semester to EUR 149.4 million. Although the operating income declined and spending grew, the lender increased its profit as a result of canceling a provision.

editor@romania-insider.com