BRD lowers profit seven-fold in Romania six months into 2012
The net profit of French lender BRD Groupe Societe Generale was down seven fold in the first six months of this year, compared to the same period of 2011. The bank made a net profit of some EUR 8.9 million overall for the first half of the…
Romania Insider · Journalist
· Updated · 1 min read
The net profit of French lender BRD Groupe Societe Generale was down seven fold in the first six months of this year, compared to the same period of 2011. The bank made a net profit of some EUR 8.9 million overall for the first half of the year, but made a loss in the second quarter. The drop in revenues and the increase in the cost of risk, determined by the drop in value for guarantees on non-performing loans were the main drivers of the drop in net profit.
The bank managed to increase the volume of its loans by 5 percent compared to end December 2011, while the volume of deposits was 9 percent higher. BRD Groupe Societe Generale posted a net profit of EUR 109.7 million in 2011, down 7 percent on the year before. editor@romania-insider.com
