BRD-Groupe Societe Generale, one of the top three lenders in Romania, made a net profit of EUR 135 million in the first nine months of 2016, up by 67% compared to the same period of last year.

The figure also includes the results of its leasing, personal finance, and asset management subsidiaries. The group managed to increase its operating profit while also reducing its net risk costs.

The group’s net banking revenues went up by almost 10%, to EUR 470 million, while the operating expenses were down 1%, to EUR 230 million. The net risk cost declined by 20%, to EUR 80.6 million.

The group’s net loan portfolio, including leasing contracts, went up by 3% compared to December 2015, reaching EUR 6.31 billion at the end of September 2016. The growth was mainly driven by the retail segment, where net loans went up by 4%, to EUR 4.2 billion.

The bank granted new loans worth some EUR 960 million to individuals, in the first nine months, up by 17% year-on-year, with the growth being higher on the unguaranteed consumer loans segment (26%). Meanwhile, non-retail loans stagnated at around EUR 2 billion. Leasing financings increased by 16%.

The group’s deposit base was over EUR 9 billion at end-September. BRD had over 2.1 million individual clients at the end of September, up by 54,000 compare to September 2015.

BRD is listed on the Bucharest Stock Exchange and has a capitalization of EUR 1.7 billion. French group Societe Generale owns 60% of its shares.

editor@romania-insider.com