BRD - Groupe Societe Generale has reported a three-quarter increase in profits of almost 40% in ROL over the corresponding period of last year. In the first nine months of the year the bank generated net profits of 2,472 billion ROL (61 million euros). In ROL, the bank's profits outstripped the profits for the whole of 2003.
The bank managed to raise the return on equity (ROE) by no less than 9.6% compared to the corresponding period of last year, achieving a level of 30.1%.
BRD is the second largest bank on the Romanian market in terms of assets, with a market share of 13% mid this year. The bank's assets totalled 104,388 billion ROL (2.57 billion euros) in late September, 28.5% higher than at the beginning of the year. BRD has more than 1.4 million customers in its portfolio.
"The bank is continuing with its accelerated pace of growth on all markets following the long-term policy we proposed to put into practice. We believe our recent initiatives, and particularly the launch of the BRD Express offices, will boost the bank's development in the retail sector," stated Patrick Gelin, general manager of BRD.
The most significant increase in terms of lending activities seen by the bank was in the retail lending sector, where it recorded growth of 58% since last September. Financing granted to individuals reached 18,697 billion ROL (461 million euros).
Early in October, BRD opened 33 new offices, under the BRD Express brand, based on a new bank office concept, which emphasises proximity to clients.
vlad.nicolaescu@zf.ro
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