Romania BRD bank's 9-month profit more than halves y/y

BRD Groupe Societe Generale SA

06/11/2014 07:17

BUCHAREST, Nov 6 (Reuters) - Romania's second-largest bank, 
BRD  ROBRD.BX , controlled by France's Societe Generale 
 SOGN.PA , reported a net profit of 20 million lei ($5.7 
million) in the first nine months on Thursday, falling by more 
than half from the same period of last year. 
    The bank recorded a net profit of 50.5 million lei during 
the first nine months of last year. 
    BRD said its non-performing loans edged down to 21.1 percent 
in September from December's 24.8, under international financial 
reporting standards. The rate was 18.2 percent under Romanian 
central bank rules. Its capital adequacy ratio under Basel III 
regulations was at 17.1 percent. 
    "In the third quarter the bank has set up additional 
provisions for its portfolio of insolvent clients," BRD said in 
a statement. "As a result, the rate of covering non-performing 
loans has improved, rising to 71.5 percent on Sept. 30, compared 
with 68.9 percent at the end of December 2013." 
($1 = 3.5290 Romanian lei) 
 
 (Reporting by Luiza Ilie) 
 ((luiza.ilie@thomsonreuters.com; +4021 305 5262; Reuters 
Messaging: luiza.ilie.thomsonreuters.com@reuters.net)) 
 
Keywords: BRD RESULTS