BUSINESS

BRD estimates steady or slightly increasing profit

The management of BRD-Groupe Societe Generale bank estimates for this year a “steady or slightly increasing” net profit, compared with 2010. The results come against the background of stagnating, or “slightly decreasing” cost of risk, as provided by its budget of incomes and expenses for 2011, Mediafax reports.


The bank posted last year a net profit of RON 500.5 M, 36 pc down from 2009’s result, as provisions went up 41 pc.


For this year, BRD plans to increase its net banking income by an approximate 5 pc and to curb operating expenses down to the level of inflation forecasts, at 5 pc.


BRD’s net banking income soared 2 pc last year, to RON 3.687 bln, while operating expenses dropped 6 pc, down to RON 1.442 bln, according to documents that will be submitted to the General Meeting of Shareholders (AGA) of April 14.


The bank expects a “steady or slightly increasing” pretax operating income in 2011, compared to last year’s RON 2.24 bln. As far as crediting activity is concerned, BRD plans to maintain its portfolio in the retail segment and to increase its corporate segment by 5-10 pc.

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