We are making significant cost cutting efforts because theability to boost revenues is limited, and loan-loss provisions willnot see a marked decline this year, says Guy Poupet, president ofBRD-SocGen, the second-largest bank on the Romanian market.
"If we want to preserve our result and volume of activity, we needto be mindful of general costs. The level of non-performing loansshould not worsen, but the cost of risk will see a slow decline,which will be dependent on the pace of economic recovery. In thesecond half of the year I don't expect a significant reduction inthe cost of risk, perhaps a gradual one," Poupet told ZF in aninterview.
In the first half of the year the bank's general costs fell 5%,while personnel costs fell by 3.2%. However, the net profitdeclined by 13.7%, to 367 million RON (88.5 million euros).
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