The bank posted a net profit of 20 million lei (EUR4.5 million), compared with RON51 million in January-September 2013.
BRD, the Romanian unit of French banking group Societe Generale, said the net cost of risk decreased by 8.6% in the first nine months from 2014, while the bank concentrated in the third quarter on additional provisioning related mainly to insolvency portfolio. “Thus the non-performing loan coverage with provisions has improved to 71.5% as at September 2014 (vs 68.9% as at December 2013),” the bank said in its financial report.
Net banking income fell 8.8% compared to January-September 2013, mostly due to net margin affected by adverse volume and structure effects, BRD said. The operating costs were also down, falling by 4.2% on the year in the first nine months. (EUR1=RON4.4192)