Record profits at BRD

Nine-month profit posted by BRD Groupe Societe Generale, Romania’s second biggest bank in terms of assets and network, exceeds annual profit of 2007.

BRD Groupe Societe Generale posted for first nine months this year a net profit of 1.038 billion lei (285 million euros), up 52.2% from similar interval 2007, according to preliminary earning report issued by the company.

BRD-SocGen gained 275 million euros last year, namely 48% hike in euros, double as compared to 2006.

Nine-months outcome includes profit marked from the sale of 25% stake held by BRD in Asiban.

Without the money from Asiban’s sale, BRD’s operating net profit in first nine months was 813 million lei (223 million euros), up 19% compared to similar period of 2007.

BRD registered a 225 million profit from the sale of stake in Asiban, the company informed.

Asiban insurer was taken over by French-based Groupama, the contract being sealed on April 9, 2008 by BRD, Banca Comerciala Romana, Banca Transilvania, and CEC Bank that held a quarter each of the insurer’s common capital.
Early August, BRD posted 87.5 million euros income from the sale of 25% stake in Asiban.

Credits granted to BRD clients rose in September 2007 - September 2008 interval by 32% while deposits volume climbed 10% compared to last year end, when bank’s assets amounted to 40.7 billion lei.

“The growth is well-balanced, based on implementing strict principles of risk tracking, in a relatively grim economic context,” BRD’s CEO, Patrick Gelin stated in the press release.

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