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08 Feb 2023

Press release
Bucharest, February 8th, 2023

Main commercial trends and financial indicators of BRD Groupe Société Générale at December 31, 2022 at consolidated level, according to the International Financial Reporting Standards (IFRS):
-    Extensive lending activity including important steps towards our strategic objective of being a top financier of sustainable transitions 

-    Consolidated and diversified deposit base
-    Extended digital offer and fast-tracked adoption 

-    Good financial performance

“2022 was a very particular year, with the unfolding of dramatic geopolitical evolutions since the beginning of the war in Ukraine. In conjunction with already elevated inflationary pressures, these evolutions have made their mark on the global economic environment. The business environment in Romania has been fairly well protected thanks to the actions of European and national authorities and the resilience of companies, which indicates that the economic system has reached a rather advanced degree of maturity.

In this context, BRD remained a truly committed, trustworthy and effective partner of Romania’s economy and of its customers. We granted almost RON 7.5 billion new loans to individuals, and we had an excellent dynamic on lending to corporates with our loan portfolio growth of 26% versus 2021 end, underpinned also by the active participation in IMM Invest program. In addition, our strong commitment in supporting sustainability transitions continued to firmly materialize, with almost RON 1.1 billion sustainable financing transactions concluded in 2022.

Besides this, we also continue our relentless efforts to enhance our customers’ digital journey. In 2022 we have launched instant payments and 100% online credit card issuance. We are proud that our mobile app, YouBRD has already surpassed the significant milestone of 1 million users.

All the above translated into a good financial performance, despite significant inflationary pressures. BRD confirms its solidity and determination to continue to responsibly fulfil its mission as a leading bank in Romania.“ said François Bloch, CEO of BRD Groupe Société Générale.

Top partner for Romanian economy and our customers
BRD Group net loans, including leasing receivables, recorded a double-digit growth (+10.4% compared to 2021 end).
On the retail side, BRD marked a record level of new housing loans production and the second best year for new consumer loans, with almost RON 7.5 billion new loans being granted to individuals in 2022.
Corporate financing delivered an impressive result (+25.8% YoY) building on an outstanding performance on SME segment (+43% YoY) and a notable increase of loans granted to large companies (+18.7% YoY), while leasing activity also printed high (+15.1% YoY). BRD continued to be an active participant in the IMM INVEST program, offering support to over 2,000 eligible SMEs, the total value of loans approved under this program reaching RON 2 billion in 2022, +69% compared to 2021.
BRD innovated and enlarged its offer of services with a new specialized division, Euromentor, developed to accompany entrepreneurs and corporates in accessing EU funds.
2022 results re-confirmed that BRD is highly committed to finance the sustainability transitions, by integrating the ESG principles into its lending activity. The value of new sustainable finance transactions in 2022 reached EUR 215 million, marking important progress towards the achievement of the EUR 1 billion strategic objective of sustainable financing by the end of 2025.
Deposit base was further consolidated, with corporate deposits up by +17.2% YoY, being driven by extensive collection from large corporate customers. Retail deposits advanced (+3.1% YoY) in a tight liquidity and competitive context.

Enhanced digital experience and increased adoption
On its way to a fully digitalized customer journey, BRD achieved strong progress: the 100% online credit card issuance flow accessible on BRD website and via the online banking app, YouBRD, and the instant payments solution offered to individuals customers (24/7 accessible in YouBRD).

The digital adoption continues to grow and more than 1 million customers chose the mobile banking application, YouBRD, to be their everyday financial instrument (1.07 mn users at December 2022 end vs. 730k at December 2021 end, +46% YoY).

Good financial performance and strong balance sheet

BRD Group full year revenues reached RON 3,459 million, higher by +11.7% compared to 2021. The macroeconomic environment was marked by strong inflation pressures, an accelerated upward trend of market interest rates and increased volatility. Given the very dynamic commercial activity and the effect of interest rates context, net interest income advanced by +13.7% on a yearly basis, being tempered by the significantly increased remuneration of customers’ deposits. Net fees and commissions were up +1.4% compared to 2021 amid increased volume of transactions and dynamic health insurance production, counterbracing the lower revenues from asset management activity and e-banking commissions given the migration of retail customers to the free of charge mobile application, YouBRD. Other revenues had a very positive evolution given a strong momentum of financial markets activity. 

Inflation pressure on operating expenses was visible throughout the year, but costs’ increase was limited by a maintained rigorous spending discipline. Overall operating expenses increased by +8.3% compared to 2021, if excluding the higher contribution to Guarantee and Resolution Funds. Staff expenses (+8.5% y/y compared to 2021) were influenced largely by the price effect of wage increase and other benefits adjustments within the collective labor agreement (especially meal tickets) and exceptional inflation premium, supporting our employees in managing the higher cost of living. The evolution of other costs notably mirrors higher expenses on external services, elevated energy prices and increased IT&C related expenses supporting the visible digitization of our customers’ journey.

Gross operating income reached RON 1,715 million (+14.3% compared to 2021) and cost to income ratio improved on positive jaws effect (50.4% in 2022 vs 51.6% in 2021).

The asset quality remains solid, with NPL ratio reaching 2.5% in December 2022 (down from 3.1% in December 2021) and end of year NPL coverage rate standing at a comfortable 77%. Full year net cost of risk registered RON 95 million charge (vs. RON 146 million release in 2021) linked to the macroeconomic context, while the non-performing portfolio showed sustained recoveries and a low level of new defaults.

Given all the above, BRD Group net profit amounted RON 1,337 million compared to RON 1,319 million in 2021. ROE reached 15.9% (13.4% in 2021).

BRD capital position is solid, with total capital ratio of 20.9% (individual level) at December 2022 (including 9 months 2022 net profit and the full recognition of other comprehensive income reserve in own funds*). 

BRD Board of Directors decided that no dividend from 2022 profit shall be proposed for General Shareholders Meeting approval. This is in consistency with the strong recommendations of prudence from National Committee for Macroprudential Oversight and National Bank of Romania. Considering that the high risk of volatility persists and the quick fix relief on OCI reserve recognition in own funds is no longer applicable starting 1st of January 2023, this decision was taken in order to ensure enough lending capacity while respecting on a permanent basis, including in severely adverse conditions the regulated ratios. 

Sustainability at the heart of BRD strategy

In 2022, BRD continued to integrate ESG principles into its business. 

The offer was enriched with green loans for retail customers: Green Expresso and Green Habitat. 
BRD published the first edition of its sustainability report, Building Tomorrow, which outlines the bank's non-financial activities. Through this report and by way of its new sustainability platform, Lumea9, BRD aims to provide an overview of its approach to sustainability and to help companies as well as the general public to better understand financial concepts and terms related to sustainability. 
In October 2022, BRD organised in Bucharest the 1st "Climate Change Summit", being the most important sustainability event so far in Romania. 70 speakers from 15 countries were watched by an audience of more than 1 million people over the two-day event. With input from numerous groups of sustainability and green finance experts from around the world, the Summit aims to become the largest climate solutions event in Central and Eastern Europe. 
In addition to the above, BRD continued to invest in the areas it traditionally supports, and considers them as essential for the future of the Romanian society: culture (, education (, Alfabetar), science and technology (BRD First Tech Challenge), sport (Romanian handball) and the environment (BRD Forest Fund). Residenta9, BRD's cultural centre, continued to host events, conferences, exhibitions dedicated to contemporary cultural creators. The Alfabetar program continued to develop, involving over 100 schools and more than 550 teachers. The technology education platform, Mindcraft Stories, counted, in 2022, over 400,000 readers, and BRD First Tech Challenge competition, in its sixth edition, reached over 20% of the Romanian high schools in 2022.
Ziua V, BRD's internal volunteering platform, continued to be very active in 2022, with 26 actions carried throughout Romania.

BRD preliminary financial results for the year ended December 31, 2022 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.
(*) Starting 2021 end, BRD applied the temporary treatment of unrealized gains and losses measured at fair value through other comprehensive income, according to art. 468 of Regulation (EU) 575/2013 as amended by Regulation (EU) 873/2020 as regards certain adjustments in response to the COVID-19 pandemic. From 1st of Jan 2023 the quick-fix adjustment applied for the recognition of OCI reserve in own funds ceases its validity. Total capital ratio as of Dec 2022 end includes the full impact of negative other comprehensive income reserve in own funds (without quick fix adjustment).
Note: If not stated otherwise, all variations are vs. 2021 (for income statement related items) or December 2021 end (for balance sheet related items). NPL ratio, Coverage ratio, at Bank level.

BRD - Groupe Société Générale operates a network of 460 units. Total assets of the bank at December 2022 end amounted to RON 72 billion.
BRD is part of the Société Générale Group, one of Europe's leading financial services groups and a major player in the economy for over 150 years. The group has 117,000 employees in 66 countries and 25 million customers worldwide and is built on three complementary business lines:
•    Retail Banking in France
•    International Retail Banking, Insurance and Financial Services
•    Global Banking and Investor Solutions

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