Tuesday, November 11, 2008

Romania's BRD Jan-Sept net profit up 52 pct

BUCHAREST, Nov 10 (Reuters) - Romania's second largest bank BRD BRDX.BX reported a 52 percent increase in nine-month net profit on Monday, a similar result to a preliminary statement published a month ago.

The bank, controlled by France's Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz), posted net profit of 1.039 billion lei ($357.5 million), compared with a preliminary result of 1.038 billion lei reported last month.

It said in October its profit was boosted mainly by the sale of a stake in insurer Asiban to French insurer Groupama.

Total assets were at 44.5 billion lei at the end of September. The volume of loans given by BRD to its clients in the first nine months rose 32 percent on the year, while deposits rose 25 percent.

In October, it said net banking revenues, excluding the Asiban sale, were up 25 percent to 2.1 billion lei.

Bank president Patrick Gelin said in September he expected profit growth at the end of the year at a rate similar to the one registered in the second half, at around 20 percent, and a slowdown in 2009.

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