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2010: The financial results confirm the strength of the business model of BRD - Groupe Société Générale, with a gross operating surplus of RON 2 245 million, up by 8% compared to last year

13 Feb 2011

In 2010, BRD's activity was satisfactory, even if the economic environment was unfavourable, also due to various adjustment measures taken in order to reduce the budgetary deficit.
The net banking income increased to RON 3 687 million in 2010, up by 2% compared to the end of 2009. The operating expenses were strictly monitored, which lead to a decrease of 6% compared to prior year. The gross operating income reached RON 2 245 million as at December 31, 2010, higher by 8% than last year.
The clients' deposits rose by 2% compared to 2009, up to RON 29.8 billion, while the loans to the clients totalled, as at December 31, 2010, RON 34.5 billion, down by 1% against the end of last year.
The loans' structure by type of client remained the same as in 2009, 48% of the loans being extended to individuals, and 52% to corporate clients. The evolution of the loan volume was influenced by the extremely low demand, especially on the individuals' market, despite the efforts to stimulate the demand by low interest rates for consumer loans. "The main engine of lending in 2010 was represented by the large clients market, be they private corporations or public entities and local communities", declared Guy Poupet, Chairman - CEO of BRD-Groupe Société Générale.
The net fee income decreased by 4% caused by a fall in the operations volume, while the net interest margin increased by 13%.
The net cost of risk experienced a significant growth due to current economic conditions and technical elements such as the revaluation of the collateral guarantees. According to the statistics of the National Bank of Romania, BRD non performing loans rate is lower than banking system average. The operating ratio (operating expenses / net banking income) improved compared to 2009, decreasing by 3 percentage points, down to 39%. The bank's investments in 2010 amounted to RON 130 million, almost half of which were made in the IT field.
"We have taken the necessary measures to keep the macro-balances of the bank in place. The operating expenses were kept under strict control, as far as commercial activity is concerned, a special focus was placed on making the best use of the synergies among our business lines, and so we have managed to partially compensate for the fall in demand.
In 2011, as well, we will use the same mechanisms whose functioning we've verified over the past two years and we will adapt to any evolutions that may go beyond our expectations", said Guy Poupet.
The net profit of the group, including the results of the subsidiaries BRD Sogelease and BRD Finance, amounts to RON 533 million (EUR 127 million). As for the net profit of the bank, it totals RON 501 million (EUR 119 million).
The client database has remained solid, counting almost 2.5 million clients. The bank network as at December 31, 2010, counted 937 units, 7 of which have been opened since the end of 2009. The number of employees recorded a slight increase in 2010, up to almost 9 200 for BRD Group.
The subsidiaries' activity was satisfactory despite the difficulties caused by the persistent recession. BRD Finance, the subsidiary specialised in extending consumer loans at the point of sale, recorded a profit and, at the same time, considerably reduced its risk-related costs. BRD Sogelease, the subsidiary specialised in financial leasing, kept a well-balanced portfolio and extended RON 845 million-worth financing. ALD Automotive, a full service operational leasing company, exceeded 6 000 vehicles under management in 2010 and succeeded in winning a market share of 19% on the related Romanian market.
"In the context of a disappointing 2010 for the Romanian economy, the results of the bank illustrate the resilience and especially the sturdiness of BRD. We are approaching 2011 in full confidence, as we rely both on our strength and on the support from our parent-company, the scenario we're taking into consideration indicating a moderate improvement of the economic context. Nevertheless, we think that 2011 will continue to be a difficult year, particularly in what the high net risk cost is concerned. Still, we remain confident that, on the long term, Romania should resume its constant and sustainable economic growth", stated Guy Poupet, Chairman - CEO of BRD.
In 2010, BRD received two important distinctions, being designated "Bank of the Year in Romania" by the international financial publications The Banker and Global Finance.
For more information about the annual results of BRD, please consult the website of the bank,, the Shareholders/Investors section.
*Evolutions are calculated in nominal terms.
The figures are calculated according to the local accounting standards and they are not audited.
BRD-Groupe Société Générale is the second bank in Romania in terms of total assets, and it has the second market capitalisation on the Bucharest Stock Exchange.
BRD is part of the Société Générale Group, one of the largest groups of financial services in the Euro Zone. The group has over 160,000 employees worldwide, in three key businesses:

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