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Romanian bank BRD's profit nearly doubles in first half
August 1, 2014 / 8:12 AM / in 3 years

Romanian bank BRD's profit nearly doubles in first half

BUCHAREST, Aug 1 (Reuters) - Romania’s second-largest bank, BRD, controlled by France’s Societe Generale , reported a net profit of 123 million lei ($37.15 million) in the first half, almost double the same period in 2013.

Analysts at Raiffeisen had forecast BRD’s first-half net profit at 107.8 million lei. BRD’s profit in the first half of 2013 was 62 million lei.

“The net cost of risk for the first half of 2014 has fallen by 25.3 percent on the year,” BRD said in a statement. “With a solid capital base, the bank maintains a comfortable capital adequacy ratio of 16.4 percent under Basel III regulations.”

BRD said its non-performing loans edged down to 23.4 percent in June from December’s 24.8, under international financial reporting standards. The rate was 20.4 percent under Romanian central bank rules, which BRD said was in line with the average of the banking system. ($1 = 3.3107 Romanian lei) (Reporting by Radu Marinas. Editing by Jane Merriman)

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