Tuesday, October 14, 2008

Romania's BRD Jan-Sept net profit up 52.2 pct

BUCHAREST, Oct 14 (Reuters) - Nine-month net profit at BRD BRDX.BX, Romania's second largest bank controlled by France's Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz), grew more than half, boosted mainly by the sale of a stake in insurer Asiban to French insurer Groupama.

BRD said on Tuesday net profit was 1.038 billion lei ($373.4 million), up 52.2 percent. The Asiban stake sale generated a profit of 225 million lei.

BRD said in a statement results were preliminary and final results would be released on Nov. 10.

Net banking revenues, excluding the Asiban sale, were up 25 percent to 2.1 billion lei with total assets of 44.5 billion lei at the end of September.

Bank president Patrick Gelin said in September he expected profit growth in the second half of the year at around 20 percent and a slowdown in 2009, because of central bank efforts to keep a lid on borrowing. (Reporting by Marius Zaharia; Editing by David Cowell)

1 comment:

Anonymous said...

Lid on Borrowing !

Did anyone ever check out the rates these banks charge !

At least Dick Turpin wore a mask !

Romania - who the hell would want to invest in Romania !

Just Dont do it !!