At the level of the entire BRD group, net banking income hit RON2.83 billion, up 11.4%, while net profit reached RON1.22 billion, 20.8% above the level of the year-earlier period, leading to a ROE of 20.9%, up from the 16.7% level recorded in the same period of last year.
“The period ending first nine months of the year was marked by strong increase of revenues, constant focus on costs control and supported by a cost of risk in net release. All these lines contributed to a significant increase of net result, +20.8% YoY, and elevated ROE of 20.9%. Going forward, BRD remains truly committed as a solid partner for its customers, offering diversified financial solutions and high advisory expertise, being at the same time a trustworthy actor of the Romanian economy,“,said Maria Rousseva, Deputy CEO of BRD Groupe Société Générale.
At group level, net interest income went up by 16.5% year-on-year, to RON2 billion, with the segment bringing a strong contribution to the institution’s results counting on the good dynamic of lending activity and higher interest rates on asset portfolio.
„These effects were tempered by rising costs of funding, primarily associated with commercial term deposits marking a steep increase over the analysed period,” reads the company’s report.
Net fees and commissions reduced by -2.1% YoY, mainly influenced by lower service fees from cards activity given higher penetration of current account packages, in line with market trend, and decreasing volume of cash transactions mainly on a base effect. These were partially counterbalanced by dynamic brokerage (mainly advisory) and insurance activities.
Other income, up by +6.9% YoY in 9M 2023, was pushed by trading activity.
(English version by Catalina Apostoiu)