Profit of BRD Group shrinks marginally in H1
The net profit of the BRD Groupe Societe Generale (BVB: BRD) edged down to RON 617 mln (EUR 125 mln) in the first half of 2021, 1.4% smaller compared to the same period last year.
The profit of the BRD bank was the same (RON 617 mln) and 1.9% smaller in YoY terms.
The net banking incomes increased by 9.0% YoY while the expenditures advanced by only 5.1% YoY - which resulted in a 13.2% stronger operating result for BRD bank - a result that was impacted, however, by the net cost of risk generated by provisioning for bad loans.
Total net loans increased by 8.9% YoY to RON 34.6 bln (EUR 7 bln), while the amounts owed to customers (deposits) edged up by only 1.1% YoY to RON 53.8 bln.
The return on equity (ROE) for the bank strengthened to 16.3% in H1 from 13.1% in the same period last year, as the equity was reduced by 42% YoY to RON 5.64 bln.