BRD Societe Generale grows profit quarter-on-quarter in Romania but half-year results down

Romanian lender BCR Societe Generale posted a net profit of EUR 38 million in the second quarter of 2011, up 30 percent quarter-on-quarter, but 5 percent below the result posted in the second quarter of 2010. Its results in the first half of the year were of EUR 67.5 million in terms of profit, a drop of 23 percent on the first half of 2010. BRD’s assets stayed the same as of the end of 2010, reaching some EUR 11.2 billion, which made BRD the second bank in the Romanian banking system, assets wise. “I believe that, in an difficult economic environment, BRD showed the strenght of the universal bank model and its capacity to generate profit in the first half of the year,” said Guy Poupet, president of BRD Societe Generale. The bank managed to decrease its provisions expenses by 8 percent in the first six months of the year, to some EUR 137 million. editor@romania-insider.com (photo source: Corina Saceanu/Romania-Insider.com)