In the first quarter of 2015, BRD posted consolidated net income of 139.6 million lei (EUR31.6 million), against RON48.2 million in the same period of the previous year.
The bank’s operating profit declined 4.4% on the year to RON605.8 million in January to March, but the final result was helped by a 55% decrease in risk costs.
“BRD reduced its non-performing loans (NPLs) ratio from 25% at March 2014 to 20% at March 2015, reflecting write-offs and NPL sale transactions,” the bank said in a statement.
“Net cost of risk declined by 54.5% against Q1-2014, both the retail and non-retail segments registering significant improvements.”
BRD Group’s outstanding net loans to the retail segment reached RON17.2 billion, quasi stable against December 2014, with a slightly positive evolution on the individuals’ segment, according to the statement. “In spite of strong competition, net loans on the large corporate segment advanced by 1.3% against December 2014.”
Deposits grew 3.8% on the year to RON35.9 billion, the bank also said.
The BRD Group totaled assets of RON46.7 billion on March 31, compared with RON46.1 billion at the end of 2014.
Wednesday morning, BRD shares traded slightly down in Bucharest, in line with the general market trend.