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BRD Group reported 85% higher net profit in Romania in 2017

BRD Groupe Societe Generale ended 2017 with a net profit of 309 million Euro, up 85.3 per cent year-on-year, on strong core revenue and positive cost of risk.

2018-02-08 15:30:46

"In 2017, BRD produced a very strong financial and commercial performance and obtained promising results in its customer experience optimization process, through upgraded digital channels and a better quality of service. On the medium term, we shall put all our efforts in increasing customer experience quality and satisfaction by accelerating investments in digitalization and further refining our business model," said Francois Bloch, CEO of BRD Groupe Societe Generale.

The group's net banking income amounted to 2.78 billion RON (609 million Euro), up by 4.9 per cent year-on-year when excluding non-recurring items. Net interest income registered a growth of 8.4 per cent in 2017 vs. 2016, largely generated by solid volume advance, while rising interest rates brought an additional positive contribution in the last quarter of the year. Net fees and commissions income (down 1.2 per cent year-on-year) was adversely impacted by price pressures on transactional banking services but benefitted from higher revenues from asset management and capital market activities.



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