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BRD Q1 Results: Net profit of RON 13 million, with a strict control of operational expenses

06 May 2013

The main financial ratios of BRD-Groupe Société Générale as at March 31, 2013 at stand alone level, according to the International Financial Reporting Standards (IFRS):

During the first quarter of 2013, the bank focused on the development of the commercial activity in a still difficult economic environment, reflected in a low demand for banking products and services.

The total amount of gross loans granted to clients is of 34.97 RON billion, higher by 2.1% compared to March 31st, 2012, with progression noticed in retail loans (+3.4% vs -1.5% at market level). This evolution in retail loans has been mainly supported by the housing loans, up 32% against Q1 2012, level which outperforms the market average, up by only 10.4%.

Loans granted to companies saw a slight growth against March 31st, 2012 (+1.0%), with a particularly positive evolution of large corporate customers segment (+4.7% against Q1 2012).

Deposits were, at end of Q1, up 3.0% against March 31st, 2012, reaching 32.54 RON billion. The amount of retail deposits went up 1.4% against end of 2012 and 4.2% against Q1 2012, with a special highlight on FX deposits (+14.3% against March 31st, 2012). As a consequence, the net loans to deposits ratio stands at a level of 94.6%, improving by 5 points March 31st, 2012 (99.6%).

The Net Banking Income stands at 687 RON million, down 10.5% compared to March 31st, 2012, driven mainly by a negative evolution of the net interest margin (-17.1%), which compared to Q1 2012 was influenced by adverse net volumes, structure and interest rate effects.

Operational expenses were significantly reduced: 6.3 % against the same period of last year. The cost to income ratio stands at 45.7%, down 0.7 against end of 2012.

Net Cost of Risk for the 1st quarter of 2013 continued to be highly influenced by the still restrained economic environment. It remained close to the level registered in Q1 2012, but decreased significantly compared to the levels of Q3 and Q4 2012.

After the loss posted at end 2012, the bank is again profitable, the net result of the first quarter being of RON 13 million, down 84% against Q1 2012.

The quarterly financial statements are available to the public and investors on the website of the bank: www.brd.ro. 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 Boulevard, 1st district, Bucharest.

BRD-Groupe Société Générale is the second bank in Romania in terms of total assets. BRD is part of Société Générale Group, one of the largest European financial services groups. The group has 154,000 employees and 32 million clients throughout the world, in three core businesses:

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