Romanian lender BRD sees lower net profit in Q1

Local lender BRD saw a net profit of EUR 16.2 million in the first three months of the year, down by 14% compared to the same period of last year. The net revenues went up by 3% compared to the first quarter of 2015, reaching EUR 144 million during this period. The net interest income increased by 7.2% whereas the net income from fees went up by 4.8%. Despite the revenue growth, the net profit went down because the bank had to make payments to the Guarantee Fund. BRD’s assets went down by 5.5% in the first three months of the year, reaching EUR 10.4 billion at the end of March. Thus BRD significantly reduced its lead over Banca Transilvania, the third-largest local lender. editor@romania-insider.com