BRD's profit drops 28% after nine months
“The results posted after nine months this year prove the consistency of our commercial results. We managed to control the level of general expenses, which generates a good cost/revenues ratio. The difficult economic environment influenced us directly, with the increase of the net cost of risk being a consequence of the deterioration in the general economic situation,” said Guy Poupet, president and general manager of BRD - Groupe Societe Generale.
The bank cut its expenses by 3 percent compared to the first nine months of this year. BRD's portfolio of loans grew by 3 percent, to RON 34 billion (around EUR 7.9 billion). Deposits stayed at the same level of around RON 30 billion (EUR 7 billion).
The bank had 2.5 million customers in Romania at the end of September. Its assets were of EUR 11 billion, down 2 percent on September 2009. BRD is the second largest lender in Romania assets wise and is traded on the Bucharest Stock Exchange.
editor@romania-insider.com