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10 Feb 2022

Main commercial trends and financial indicators of BRD Groupe Société Générale at December 31, 2021 at consolidated level, according to the International Financial Reporting Standards (IFRS):

- Intense lending activity

- Further consolidated and diversified saving base

- Strategic milestones reached on digital roadmap

- Excellent financial performance

- Consistent dividend policy

“2021 was a year of economic rebound fostered by better business conditions and sentiment, while the National Recovery and Resilience Plan, with first amounts already disbursed, should be a catalyst for further economic growth.
Within an improved context, our commercial activity was excellent across the board. Lending activity was intense, while the savings dynamic was marked by increasing volume and higher diversification.
In 2021, we were particularly active in bringing new digital solutions to our clients. We achieved strategic milestones in our digital transformation roadmap, launching remote private individuals onboarding and consumer lending.
We also firmly materialized our strong commitment in supporting sustainability transitions, structuring green financings worth half a billion EUR.
And with a ROE of 15.6%* and a progression of 37% of our net profit, we delivered an excellent financial performance.“
said François Bloch, CEO of BRD Groupe Société Générale.

Widened digital offer, rapidly increasing adoption

Our new mobile application, YouBRD, has been constantly upgraded and enriched with new features for a simpler and enhanced experience. In addition, the digital offer to private individuals includes now two essential services: remote onboarding and online consumer lending.

Digital adoption is rapidly growing. The number of digitally active private individual customers is up by 20% YoY and 48% vs 2019, and the number of transactions is 31% higher than in 2020.

Corporate digital experience was also further enhanced with enriched cash management and trade finance solutions.


Intense commercial activity across the board

BRD Group net loans, including leasing receivables, recorded a double-digit growth (+11.2% compared to 2020).

Marked by the best yearly consumer loan production ever and a 66% progression of new housing loans, private individuals’ loan production strongly rebounded vs 2020 (+38%). It also registered a 17% increase versus 2019. Corporate lending (+26.3% compared to 2020) built on very strong dynamics on both SME (+22.8% YoY) and large corporate segments (+28.5% YoY).

Materializing its strong commitment to support sustainability transitions, BRD structured green financing worth 500m EUR, including the granting of the most important green loan on the Romanian market ever.

Retail savings grew by 7.8% YoY. The saving base is also increasingly diversified. BRD Asset Management reached first place on the market by number of investors and drove its market share to 19.5%***. Besides, BRD intermediated more than half of the 2021 Romanian government bond issuances for individuals within Fidelis program.


High profitability and strong balance sheet

BRD Group full year revenues reached RON 3,118 million, higher by 1.0% compared to 2020. Customer activity intensified on a yearly basis, translating into a solid growth of net fee and commission income, +7.5% y/y. Despite lower market rates during most of 2021, net interest income remained stable, underpinned by growing volumes.

Efficiency initiatives (automations, network of branches resizing) were accelerated and translated in lower staff costs. Other costs evolution (+4% y/y, excluding the cumulated contribution to deposit guarantee and resolution funds) notably mirrors the stepping up investments in digital transformation. Operating expenses were overall contained, with a 1.9% increase compared to 2020. Gross operating income remained consequently stable at RON 1,500 million.

The quality of the loan book was confirmed throughout 2021 as shown by the low NPL ratio (3.1% at year end), the high coverage with provisions of non performing exposures (75%) and cost of risk net write-backs.

Given all the above, net profit was up by 37% compared to 2020 and ROE reached 15.6%*.

BRD capital position is solid with total capital ratio reaching 22.9% (individual level) at December 2021, excluding 2021 net result, and deducting the exceptional dividend distribution from 2019 and 2020 retained profits proposed for AGM approval on February 24, 2022 (RON 1.68 bn).

Considering the results of the year as well as the expected capital trajectory, BRD Board of Directors decided to propose a dividend distribution rate of 70% out of 2021 distributable profit (1.285 RON /share), subject to a favorable vote by the Annual General Meeting of Shareholders on April 28, 2022.


Sustainability at the heart of BRD strategy

Taking a leadership role and acting as a pioneer in financing sustainability transitions, BRD structured green deals worth half a billion EUR in 2021.

At the same time, BRD continued its investments in essential areas for the future of Romanian society: education, science &technology, culture, sport, environment. The total amount invested in 2021 in projects for the society exceeded RON 8 million.

In the cultural area, BRD supports classical music and contemporary art through Foundation9, Scena9 arts & society magazine or its own cultural center in Bucharest, Rezidenta9. More than 200 events were sponsored or organized and over 300 artists, journalists, creators of culture were involved in 2021.

One of important causes BRD is engaged for is the transformation of the education and the reduction of illiteracy. BRD is an ambassador for this cause and supported more than 30 000 children all over the country through Alfabetar program.

Combating illiteracy is tremendously important, but also is investing in skills for the future. After 5 years and over EUR 1m investments, BRD First Tech Challenge robotics program is now present in over 20% of Romanian high schools.

BRD has also been a long lasting partner of Romanian sports, with focus on handball.

BRD continued to be involved in causes related to Romanian forests and through BRD Forest Fund over 38,000 trees were planted in Iasi County.

In their turn, BRD employees are encouraged to get involved in various causes. 1250 employees were involved in volunteering actions last year, all over the country, through ZiuaV volunteering platform.


BRD preliminary financial results for the year ended December 31, 2021 are available to the public and investors on the website of the bank: beginning with 09h00. Copies of the documents can also be obtained upon request, free of charge, at the head office of BRD-Groupe Société Générale, located at 1-7, Ion Mihalache Bd., 1st district, Bucharest.

(*) ROE based on equity adjusted with exceptional distribution (from the retained profits of 2019 and 2020)

(**) Subject to a favorable vote by the Annual General Meeting of Shareholders on April 28, 2022

(***) Market share on open-end mutual funds market

Note: If not stated otherwise, all variations are vs. 2020 (for income statement related items) or December 2020 end (for balance sheet related items).

NPL ratio, Coverage ratio, at Bank level

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