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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

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Profit of Romanian SocGen subsidiary BRD up 51% in H1

Romania's third bank by assets, BRD - Groupe Societe Generale (BRD), reported its consolidated net profit rose by 51% year-on-year (YoY) to almost RON 626 mln (EUR 127 mln) for the first six months of this year.

The rise was driven by solid commercial activity and the net release related to the cost of risk, the bank explains in a note to investors.

Regarding the cost of risk, BRD registered a net reversal of RON 39 mln (counted as revenues) in the first half of 2021, compared to an expense of RON 225 mln (counted as expenditures) in the same period last year.

This alone accounts for a positive RON 274 mln impact on the bank's gross results and fully explains the increase in its net profit.

"The net reversal of forecasts reflects the cumulative effect of the economic recovery and consistent recoveries from non-performing portfolios," the credit institution said. Francois Bloch, General Manager of BRD - Groupe Societe Generale, described a buoyant economic outlook.

"Romania's economy has again performed above expectations, with GDP already returning to the pre-Covid-19 pandemic in the first quarter of 2021. The health situation is under control, vaccination is progressing, and authorities are gradually lifting restrictions, despite concerns about a fourth wave of the pandemic. In the first half of the year, in this context of better business conditions and perception, although still marked by uncertainty, our work accelerated," he said.

(Photo: Shutterstock)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

BVB

 

Profit of Romanian SocGen subsidiary BRD up 51% in H1

Romania's third bank by assets, BRD - Groupe Societe Generale (BRD), reported its consolidated net profit rose by 51% year-on-year (YoY) to almost RON 626 mln (EUR 127 mln) for the first six months of this year.

The rise was driven by solid commercial activity and the net release related to the cost of risk, the bank explains in a note to investors.

Regarding the cost of risk, BRD registered a net reversal of RON 39 mln (counted as revenues) in the first half of 2021, compared to an expense of RON 225 mln (counted as expenditures) in the same period last year.

This alone accounts for a positive RON 274 mln impact on the bank's gross results and fully explains the increase in its net profit.

"The net reversal of forecasts reflects the cumulative effect of the economic recovery and consistent recoveries from non-performing portfolios," the credit institution said. Francois Bloch, General Manager of BRD - Groupe Societe Generale, described a buoyant economic outlook.

"Romania's economy has again performed above expectations, with GDP already returning to the pre-Covid-19 pandemic in the first quarter of 2021. The health situation is under control, vaccination is progressing, and authorities are gradually lifting restrictions, despite concerns about a fourth wave of the pandemic. In the first half of the year, in this context of better business conditions and perception, although still marked by uncertainty, our work accelerated," he said.

(Photo: Shutterstock)

andrei@romania-insider.com

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