The Romanian subsidiary of the French Société Générale giant, whose market value exceeds €6 billion, posted €133 million worth of net income in H1 2007, up 32 percent year-on-year, almost equal to the profit of the entire BCR group (€139.5 million).
According to the General Meeting of Shareholders, profit targeted in 2007 is RON 790 million (€246 million) for the entire BRD - SocGen group. Company officials say that the profit target for this year has already been surpassed. The bank alone (without factoring, leasing and other divisions) made half of the profit budgeted for the whole year.
"It is an evolution that matches our expectations, generated by the expansion of the distribution network and the promotion of attractive offers, especially in the area of consumer loans and mortgages," Petre Bunescu, Deputy General Manager of BRD - Groupe Société Générale, told Business Standard exclusively. He added that the bank has developed its traditional relations with large corporations, including multinationals, offering them classic loans and modern banking services for fund management and transfer.
Loans granted by BRD SocGen in H1 exceeded €6.5 billion, up 51 percent from the first six months in 2006.
"The excellent financial results at the end of the first half of 2007 are the result of a combination of several winning strategic decisions, such as network expansion, the launching of new products, and strict control of general spending," said Patrick Gelin, President - General Manager of BRD - Groupe Société Générale.
The cost of risk reached a record low at the end of H1 2007 due to recovering receivables. BRD had over 2.2 million clients and 7,400 employees by the end of June 2007. It issued 2 million cards, operating 1,100 ATMs and more than 10,000 POSs. It has 704 branches, and has the largest retail banking network on the Romanian market. The bank's financial results improved significantly over the past three years, considering that net banking income rose by 24.3 percent year-on-year from 2004-2006, excluding exchange rate fluctuations.
"It is an evolution that matches our expectations, generated by the expansion of the distribution network and the promotion of attractive offers, especially in the area of consumer loans and mortgages Petre Bunescu, Deputy General Manager, BRD
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