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BRD posts up 1.138 billion lei in 2008 net profit

BRD-Groupe Societe Generale posted up 1.138 billion lei (309 million euros) in the 2008 net profit, that is a growth by 22 percent on 2007, when the bank recorded a net profit worth 917.11 million lei.

The bank maintained an upward trend in the business in the first three quarters last year, with a net result of 259.290 million lei on March 31, of 514.785 million lei on June 30 and 1.039 billion lei on September 30, but with business stagnating in the 4th quarter of 2008, due to the limiting of the consumption loan and also because of the drop in the loans to companies.

While being the 3nd bank in the system in terms of volume of assets, BRD-Groupe Societe Generale managed to maintain expenditures at low levels in the last quarter of last year, which helped it not to have its result affected and dropping below the 2007 figure.

Nevertheless, the BRD Chairman Patrick Gelin anticipated a cut in the 2009 profit, due to measures taken by the central bank to limit crediting, but he considers financial results would not be seriously affected by the global turmoil.

'We estimate a drop in the profit to be generated by the diminishing of the consumption this year, by the modification of the monetary police rate and the BNR measures limiting crediting,' Patrick Gelin told Reuters.

On January 21, the management of the parent-bank, Societe Generale, announced that the Chairman and the General Manager of the groups will not get bonuses for 2008 activity and also specified that, on February 17, he will submit to the general Assembly of Shareholders the value of the dividend for 2008, but without anticipating what it will happen with such dividends.

 

Sursa: http://www.rompress.ro

Tags: profit billion brd bnr

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