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BRD preliminary net results of 1.1 billion lei on December 31, 2008

The preliminary net financial result of BRD-Groupe Societe Generale in 2008 might stand at 1.10 billion lei (261 million euro), up 16.62 percent against 2007, when the bank recorded a net profit of 917.11 million lei, according to experts.

BRD is to announce, on February 12, its results on 2008, a difficult year for the entire Romanian banking system against the international financial crisis.

The bank has maintained a growing pace of the business in the first three quarters, with a net result of 259.290 million lei on March 31, 514.785 million lei on June 30 and 1.039 billion lei on September 30. The business did not grow in Q4 because the limitation of the consumption loan and smaller loans for companies.

The second biggest bank in the system, in terms of assets, succeeded in keeping its expenditure down, in Q4 of 2008, which has not affected its result and has not sent it under its 2007 level.

BRD President Patrick Gelin anticipates smaller profit in 2009, because of the Central Bank's measure to limit lending, but does not see the financial result hardly hit by the global turbulences.

'We estimate smaller profit, triggered by diminished consumption, the change of the money policy rate and the BNR measures to toughen lending,'' Gelin told Reuters.

'The contraction of revenues in 2009 might be slight or significant,' Gelin explained.

The substantial revenues that have contributed to the result got in 2008 came from commissions, which went up to 783.606 million lei on September 30, 2008, while expenditure with commissions accounted for only 65.170 million lei. That was also a significant source of maintaining a growing pace in Q4, 2008, when revenues from interests dropped, because of shrunk landing.

The value of the BRD shares has constantly dropped at the Bucharest Stock Exchange (BVB) over July 2008-January 2009, against a general drop of the stock exchange and the bank might announce its reinvesting the dividends for 2008, to support the development programs that have already been launched.

The group's leaders expect an estimated net result of 2 billion euro, as a result of a solid activity on the retail banking segment and diversification of the business portfolio.

The results of the other businesses of the Group were in line with the predictions in Q4 of 2008, despite worse economic conditions.

 

Sursa: http://www.rompress.ro

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