BRD's profit drops 28% after nine months

BRD-Groupe Societe Generale posted a profit of EUR 113 million in the first nine months of the year, down 28 percent on the level registered at the end of September last year, according to the bank. Its banking revenues were of EUR 634 million, up 5 percent. “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