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BRD net profit stood at 660 million lei in the first nine months

BRD-Groupe Societe Generale net profit in the first nine months of 2009 stood at 660 million lei (156 million euros), down by 19 percent over September 30, 2008, according to a bank release carried on the Bucharest Stock Exchange (BVB).

On September 30, 2009, the bank's net revenues reached 2.528 billion lei (598 million euros), up 18 percent over September 30, 2009, whereas gross operational profit grew 22 percent as against the same period one year ago, reaching 1.465 billion lei (346 million euros).

Aggregate loans extended to customers stand at 33 billion lei, up 8 percent over September 30, 2008. Loans extended to individuals reached 15.8 billion lei, up by 4 percent, whereas loans extended to companies went up 12 percent, up to 17.2 billion lei.

According to BRD, the demand for loans continued to lessen in Q3, 2009. Customers' deposits after nine months of 2009 reached 30.2 billion lei, up 1 percent over the same period one year ago.

'The financial results of BRD-Groupe Societe Generale at the end of Q3 mirror a satisfactory resistance to the negative effects of the economic downturn, coupled with a good enough commercial performance allowing for a crisis-hit business climate,' reads the BRD release.

The return on equity (ROE) et the end of Q3, 2009 stood at 21.6 percent, whereas the ratio between costs and revenues maintained at 42.1 percent.

'The banking activity felt the effects of the crisis also in the third quarter. This happened on one hand, because of the lack of demand for banking products and services, especially on the market of individuals, and on the other hand, because of the continuation of the rise in non-performing loans. Due to the efficiency of its internal procedure, measures of reduction of general expenditure and quality of portfolio, BRD has proven its capacity to withstand in a difficult environment,' said Patrick Gelin, president and CEO of BRD- Groupe Societe Generale.

According to the bank, the net cost of the risk, even if grew significantly, remains within acceptable limits in the current context due to the good control of risk. As for the situation of non-performing loans, BRD maintains a better position compared to average of the banking system.

At the end of September 2009 BRD Groupe Societe Generale had as many as 2.6 million active customers. The bank has 2.2 million active cards and operates a network of over 1,450 ATMs and 20,0000 POSs. The bank's aggregate assets amounted at the end of September 2009 at 47.9 billion lei (11.4 billion euros).

Sursa: http://www.agerpres.ro

Tags: brd september billion loans percent months stood million profit bvb

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