Romania's BRD bank reports its net profit shrunk by 4.6% y/y in Q1
BRD-SocGen, Romania's fourth-largest bank by assets, reported its net profit dropped by 4.6% y/y, to RON 326mn (EUR 65mn) in Q1, because of the impact of the new tax on turnover for the first quarter and the estimated cumulative contributions to the Deposit Guarantee and Resolution Funds for the whole year.
The gross profit rose by 6.5% y/y to RON 455mn.
"Our loan portfolio grew by 12% compared to last year [y/y], with a solid contribution from all business segments.[...] Corporate lending maintains a steady level of growth, +20% compared to last year, based on long-term partnerships with clients and a solid reputation in the market," said Maria Rousseva, CEO of BRD Groupe Société Generale.
The bank's total assets reached RON81.7bn at the end of March.
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iulian@romania-insider.com
