At the level of the entire BRD group, net profit reached RON1.09 billion, down 10.6%.
BRD’s net banking income advanced by 5.69% in January-September 2024, to RON2.88 billion, while at the level of the entire BRD group revenues totaled RON2.98 billion after a 5.4% increase.
Net interest income, the key contributor to growth, marked an advance of +7.1% YoY during 9M 2024, given a dynamic commercial activity across all business segments, somewhat tempered by higher cost of funding.
Net fees and commissions were up +6.4% YoY, mainly driven by increasing clients’ activity on transfers and cards, combined with higher penetration of package of services.
Net loans outstanding, including leasing financing, reached RON47.6 billion, marking a +15.1% YoY increase compared to September 30, 2023, driven by strong lending activity across all segments.
The corporate segment continued to be a key driver of growth, advancing by +23.0% YoY, while the dynamic on retail segment saw a notable improvement, from +4.1% YoY growth pace at the end of September 2023 to +10.0% YoY at end of September 2024.
Loan origination on individuals segment achieved record-breaking volumes in each of the three quarters and also on a nine-month period, reaching RON 8.4 billion during 9M 2024, +48.4% YoY vs 9M 2023, with very good performance in both consumer and housing loans.
Consumer loans production totaled RON 5.4 billion, up +40.4% YoY, while new housing loans surged by +65.7% YoY, nearing RON 3 billion in 9M 2024.
At end of September 2024, individuals’ loans outstanding increased by +8.5% YoY. Additionally, small businesses brought a consistent contribution, with net loans outstanding rising by +40.0% YoY, supported by improved lending processes and effective participation in government programs.
“During the first nine months of 2024, BRD materialized solid commercial performance across all its business segments, marking significant growth in net loans outstanding, of +15% compared to the same period in 2023. The corporate segment was particularly strong, expanding by +23% YoY, while the retail segment improved notably. Individuals’ loan origination reached record levels, totaling RON 8.4 billion, representing a remarkable +48% increase, benefitting from solid demand on both consumer and housing products,” said Maria Rousseva, CEO of BRD Groupe Société Générale.
ROE reached 16.1% in 9M 2024.
BRD standalone capital adequacy ratio, reached 27.6% as of September 2024 end. Excluding the impact of the new regulatory temporary treatments (implemented through art 468 and art 500a of CRR3 in July 2024), BRD standalone capital adequacy ratio stands just below 23%.
(English version by Catalina Apostoiu)