Romanian lender BRD posts lower than expected profits for first three quarters
The bank is now presenting results under new International Financial Reporting Standards. Under the Romanian financial reporting norms of the time, BRD posted profits of around EUR 90 million (RON 382 million) in the first nine months of 2011.
In September, Société Générale CEO and Chairman Frédéric Oudéa said in an interview with the Financial Times that the Romanian subsidiary, along with others, was under performing and that the bank would be aiming for higher profits in 2013. BRD Groupe Societe Generale posted a net profit of EUR 109.7 million in 2011, down 7 percent on the year before. The result was ‘comfortable’ given the loss in the whole banking system, according to the bank.
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