BRD net profit - Net profit climbs 40% last year to lei 917m on credit portfolio growthPublish date: 22-02-2008
BRD Societe Generale, the second lender by assets in the country, said its net profit last year hiked 40 percent year-on-year on more credits granted and helped by network expansion.
The bank's profit reached 917 million lei (274.8 million euros) helped by 44 percent increase of credit portfolio.
The lender's healthy results came when its network was rapidly developing reaching 806 units in 2007, the second largest after the Romanian Savings Bank (CEC). The lender added 206 units to its network last year.
BRD's loan portfolio grew 44 percent to 27 billion lei at the end of last year. Loans given to individuals advanced 45 percent while loans granted to companies rose at a lower pace of 42 percent.
Deposits from clients exceeded 27 billion lei, a 37 percent increase from December 31, 2006. BRD drew more than 300,000 new active clients last year and employed 2,400 people.
The bank's return on equity (ROE) stood at 35.4 percent last year, decreasing from the 39.7 percent level posted in the first nine months of 2007, the release shows.
BRD expanded its business last year through creating three companies: BRD Fond de Pensii which operates on the private mandatory pensions market, Sogeprom Romania with real estate developing activities and ECS International specializing in renting IT equipment.
Shares of BRD Groupe Societe Generale (BRD) were suspended from trading on the Bucharest Stock Exchange today pending the release of financial results, according to a release from the BSE. The shares closed at 18 lei yesterday.
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