BRD – Groupe Societe Generale bank (BRD-GSG) records show a net profit of RON 37 million over the first quarter of 2014, and an improved balance of credits and deposits, standing at 79.5 percent as deposits advanced by 6.9 percent in March, a press release informed. The operational efficiency also increased, as operational expenditure was 2.8 percent below the 2013 Q4 level. The net cost of risk was 29.7 lower over the first three months of 2014, compared to the similar period of 2013. The solvency indicator was 15.8 percent under Basel III, or 8 percent according to the norms of the National Bank of Romania. The gross credit balance to individuals reached RON 17.2 billion in Q1, up 1.3 percent on an annual basis, while the overall market trend was 1.1 percent down. The balance of real estate credits was 16.4 up from March 2013, a value significantly higher than the market average growth of 9.4 percent, as BRD-GSG is the leader of the ‘First Home’ government-backed credit programme. On the other hand, the level of corporate credits has been still low, 8.8 percent down from March 2013, to a gross credit volume of 16.4 billion. Deposits advanced by 6.9 percent on an annual basis, supported by evolutions in both client categories. Within this context, the net credit/deposit ratio has improved to 79.5 percent, from 94.6 percent at the end of Q1 of 2013. The bank continued its cost optimization process, which resulted in shaving off 2.8 percent of the operational expenditure, also compared to the year-ago similar period. In another context, “Romania might reach an economic growth of 5 percent on medium term, BRD – Groupe Societe Generale Bank CEO Philippe Lhotte told Wednesday in a press conference, on the occasion of 15 years of bank’s activity in Romania.