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The BRD Group obtained a net profit of 738 million RON in the first nine months, compared to 1.23 billion RON in the similar period of 2019, a 39 pct drop, according to the financial results of the bank remitted on Monday to the Bucharest Stock Exchange, as reported by AGERPRES.
According to the quoted source, the profit recorded by the bank was influenced by the net expense with provisions (in comparison with a net release of provisions in the similar period of last year), which reflects the worsened perspective on the macroeconomic environment.
"If the second quarter was marked by a accentuated drop of the production of credits for individuals in the context of restrictive measures, the activity recovered in the third quarter, with consumption credits granted exceeding the levels before the crisis. BRD has, also, an active participation in the IMM Invest program, with nearly 700 million RON in credits for SMEs and very small enterprises, approved at the end of September. While ensuring a rapid response to the effects of the crisis, BRD focused on capitalizing opportunities, encouraging the adoption of digitization and accelerating projects to automate flows," said Francois Bloch, the General Director of BRD Groupe Societe Generale.
In the first nine months, the net banking income of BRD Group was of 2.3 billion RON, smaller by 5.7 pct over the similar period of last year, decrease determined mainly by the contraction of net income from commissions and other categories of income, while the net income from interest were sufficiently resilient.
BRD - Groupe Societe Generale operates a network of 612 units. BRD occupies an important position on the Romanian market of cards, with approximately 2.41 million cards and a network of approximately 30,000 POS and approximately 1,400 ATMs.The total assets of the bank stood, at the end of September 2020, at 59.3 billion RON.
