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BRD posts positive all-round financial outcomes

BRD-Groupe Societe Generale made in 2007 a net profit of 917.11 million (274.8 million euro), up 39.9 percent against the result obtained in the previous year, the credit institution announced in a press conference on Thursday.

The net consolidated result advanced 36 percent in 2007, to 932 million lei, whereas the net banking revenue rose 42 percent, to 2.5 billion lei, while the gross operation revenues rose 54 percent to 1.4 billion lei. The bank's portfolio of credits reached 27 billion lei, 44 percent over the balance registered at the end of 2006. The structure of credits is divided equally between loans for population and corporate loans. Attracted resources also increased 37 percent in 2007, whereas deposits exceeded 27 billion lei, of which 45 percent from natural persons, and 55 percent in accounts of the companies. Small and medium sized companies accounted for 39 percent of the bank's total engagements at the end of the past year. BRD-Societe Generale shares on Thursday appreciated 2.78 percent in the first half hour of trades on the Bucharest Stock Exchange (BVB), at a quotation of18.50 lei, with a liquidity of 580,402 lei, after the bank announced the financial results for the past year. The volume of the credits granted by BRD Finance has grown to 608 million lei, from 487 million in 2006, of which 526 million in stores and 82 million lei on cards, on the background of the advance of the number of clients from 342,000 to 408,000. The leasing firm BRD Sogelease granted funds worth 1.03 bln lei, up 45 percent. The consolidated assets of the group at the end of 2007 totaled 40.7 billion lei, while BRD reported total asserts of 38.65 bln lei (11.6 bln lei), up 39.03 percent compared to the end of the previous year; the bank's market share is close to that in 2006, of around 16 percent. 'BRD is less interested in the market share by assets, because these are less relevant for a bank than the net profit or the profitability,' mentioned BRD deputy general manager Sorin Mihai Popa. The return on equity (ROE) has dropped a little at the end of the past year to 35.4 percent, from 35.9 percent in 2006. The territorial network of the bank extended last year by yet another 206 units, to 806 branches and agencies. BRD attracted last year over 300,000 new active clients and recruited some 2,400 new employees. BRD-Groupe Societe Generale funded last year the real estate projects Baneasa and Masterange, with 186 million euro and 80 million euro respectively. BRD was also the main finance-provider for the syndicated credits granted to the companies Energomontaj and Hidroconstructia, with a value of 120 million euro and 60 million euro. Moreover, BRD and its majority shareholder, Societe Generale, financed in 2007 the oil group KazMunaiGaz from Kazakhstan with 250 million dollars as part of a loan of 3 billion dollars intended for the acquisition of the majority participation of Rompetrol group, set up by the businessman Dinu Patriciu. BRD-Groupe Societe Generale, the second bank on the market in terms of assets and network, will increase interest rates, starting with those for deposits set up by clients and continuing with those for credits, at the same pace with the growth of the key interest rate of BNR, stressed BRD president, Patrick Gelin. In turn, the deputy general manager of BRD, Petre Bunescu, said that BRD keeps an eye on the reference interest rate, but this is not the only parameter and the interest rates will rise, but not significantly. 'Our interest rate margin will remain generally the same,' said Bunescu. 'In my opinion, it is crazy for the banks to grant credits in Swiss francs in Romania, and BRD does not have in its portfolio credits in this currency, because of the risks they involve,' said Gelin. The BRD chief resumes in this way an idea brought forward at the beginning of this month by central bank governor Mugur Isarescu, who warned that many persons are not aware of the risks they take by raising credits in currencies with a lower yield now. 'The Swiss frank is traditionally a refuge currency,' in which the investors make placements during troubled periods, strengthening it, explained Isarescu who added that the central bank could take measures without however giving details. Sursa: http://www.rompress.ro

Tags: brd percent credits interest generale billion societe euro million bnr bvb brd

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