BRD-Groupe Societe Generale, the third-biggest financial group in Romania by assets, recorded a net profit of RON 757 million (EUR 163 million) in the first half of this year, up 1% over the same period of 2017, according to its half-year report.

When excluding non-recurring items, the group’s profit went up 34.5%, according to BRD representatives. The bank’s operational indicators improved significantly, with net banking income going up 10.5% year-on-year and gross operating income, up 19.4%.

“In the first half of 2018, commercial performance remained robust, particularly on retail business, as shown by growing loan and deposit volumes and rising number of transactions, generating solid profitability. Looking forward, BRD will remain committed to financing the Romanian economy through a well-tailored offer, and will continue to refine its business model in order to deliver sustainable growth,” said Francois Bloch, CEO of BRD Groupe Societe Generale.

The group’s net loan portfolio increased by 2.8% compared to June 2017 as retail loans went up by 6.1%, boosted by the First House mortgage lending program. The deposits also went up compared to June 2017. However, when compared to December 2017, the loan portfolio was slightly lower and the group’s total assets declined by 1.8%, to RON 53,9 billion (EUR 11.6 billion).

editor@romania-insider.com