Romanian lender BRD reports EUR 918 mln turnover from factoring operations

Romanian lender BRD registered a turnover of EUR 918 million from factoring operations in 2013, the largest on the market niche. The domestic factoring operations had a share of 76 percent, while the export factoring operations represent 19 percent. The import factoring had a share of 5 percent. In 2013, over 450 clients used BRD’s factoring operations. The bank manages over 1,800 buyer-seller relations and some 255,000 invoices. BRD Groupe Societe Generale hopes to return to profit this year, on lower risk costs, after it ended the last two years with losses. In 2013, the bank recorded a loss of RON 385 million (some EUR 87 million), while in 2012, the loss was RON 331 million (around EUR 74 million). BRD, controlled by French Groupe Societe Generale, posted a net loss of around EUR 85.5 million in 2013, mainly due to the increase in its provisions for bad loans. editor@romania-insider.com