Mortgages raise BRD’s profit to €1 mln/day

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Mortgages raise BRD’s profit to €1 mln/day

BRD-Groupe Societe Generale, Romania’s second-largest lender in terms of assets and local subsidiary of French Societe Generale bank, registered a total net profit worth €207 million in the first nine months of 2007, up 43 percent year-on-year.

Engines of this increase are mortgages and consumer loans for individuals and loans for small and medium-sized enterprises (SME) for corporate clients. Moreover, BRD registered very good results from its factoring and card activities.

Patrick Gelin, Chairman of the Board of Directors and Chief Executive Officer of BRD, told Business Standard exclusively that BRD can target increases both in profit and market share.

"Efforts made for developing synergies between commercial development on all markets and network expansion have proven to be efficient. We will try to keep a high development pace, characterized by launching new products and services in the fourth quarter of 2007 as well," said Gelin.

BRD ranks second among top banks in terms of earnings in the first nine months of 2007, following Banca Comerciala Romana (BCR), which posted €219.6 mln in profit. Thus, the Romanian subsidiary contributed by more than 18 percent to the €1.12 billion profit of Societe Generale , the second-largest lender in France.