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BRD: RON 382 million net profit for the first nine months of 2011

03 Nov 2011

The main financial indicators of BRD-Groupe Société Générale as at September 30, 2011, according to the Romanian Accounting Standards*:

* EUR conversion has been achieved, for the profit and loss account, based on the average rate for the first nine months of the year, of RON 4.2056 for 1 EUR, and for the balance sheet account based on the NBR rate as at September 30 ,2011 of 4.3533 for 1 EUR

The financial results obtained by BRD - Groupe Société Générale in the first nine months of 2011 reflect equally the persistently difficult economic environment, but also the bank's ability to adapt its strategy and operational measures to this environment.

The total volume of loans to clients amounted to RON 33,16 billion (EUR 7,61 billion), 3% lower than as of September 30, 2010, a trend reflecting lower demand for credit.

The total volume of clients' deposits as at the end of the first nine months of 2011 remained stable compared to September 30, 2010, reaching RON 29.87 billion (EUR 6.86 billion).

The net banking income reached RON 2 404 million (EUR 571,6 million), decreasing by 9% compared to the first nine months of 2010.

The Bank continued to keep operating expenses under very strict control, limiting their increase to just 1% compared to the first nine months of 2010. The gross operating income amounted to RON 1 367 million (EUR 325 million) and the cost to income ratio stood at a level of 43,1%.

Net profit at the end of the first nine months of 2011 reached RON 382 million (EUR 90,8 million), down by 19% compared to the same period of 2010. Return on equity was as at September 30, 2011 of 10,9%. "The third quarter was marked by persistence in relatively low demand for banking services, while the economy has not fully recovered yet, and growth is still modest. In this context, we continued to focus on improving our level of operational efficiency. The quality of the results obtained in this field is best evidenced by the evolution of our operating expenses, which were kept flat as compared to last year's same period", said Guy Poupet, Chairman and CEO of BRD - Groupe Société Générale.

BRD - Groupe Société Générale had as at the end of September 2011, almost 2.4 million customers. At the same time, BRD had 2.2 million valid cards and operated a network of over 1 500 ATMs and more than 23 000 POS. Total assets of the Bank amounted, at the end of September 2011 to RON 46,05 billion ( EUR 10,57 billion).

The report is available to the public and investors on the website of the bank: www.brd.ro. Copies of the report can also be obtained upon request, free of charge, at the head office of BRD-Groupe Société Générale, located 1-7 Ion Mihalache Bd., 1st district, Bucharest.

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 157,000 employees worldwide, in three key businesses:

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