The bank posted net profit of 83.4 million lei (EUR19 million) in January to March, compared to RON137.1 million in the same period of 2011.
BRD, which is majority owned by France’s Societe Generale, said the net cost of risk rose to RON336.7 million in the first quarter from RON213.7 million in the year-earlier period as the persistence of difficult economic times weighs in on the quality of assets.
The bank posted operating income of RON767.3 million, up 6% on the year, as fees and commission income remained stable, while the revenue from interest rose 4.6% year-on-year in the first quarter. On the other hand, operating costs fell 2%.
BRD’s total assets amounted to RON46.6 billion at the end of March, compared with RON48.7 billion in December 2011.
The loan portfolio rose was at RON34.3 billion in March, up 5% on the year, while the deposits advanced 8.1% to RON31.6 billion.
The bank’s network comprises of approximately 940 units.
Monday in Bucharest, BRD shares traded down 0.76%, in line with the market’s downward trend. (EUR1=RON4.39)