BRD Group Net Profit 4.5-Fold Higher In 1Q/2017, At RON330M

The non-performing loan (NPL) rate fell to 10.3% at the end of March 2017, from 13.7% at the end of March 2016, mainly due to writing off depreciated accounts receivable and selling NPLs. The coverage ratio of NPLs rose to 77.4% at the end of March 2017, compared with 74.8% at the end of March 2016.

The stock of internet and mobile banking contracts reached 1.2 million contracts at the end of March 2017, up 28.9% on the year.

The group’s balance of net loans reached RON28.7 billion at the end of March 2017, up 3.5% compared with the year-earlier period.

On the segment of large corporate clients, the balance of net loans was 4.9% higher than in March 2016, due to a strong increase in financing on the medium and long term.

The portfolio of loans granted to private individual clients grew by 5.8% on the year at the end of March 2016, due to a favourable dynamic of non-guaranteed consumer loans and home loans.

The volume of client deposits rose on both retail and non-retail segments, reaching RON41.4 billion, up 6.7% compared with the end of March 2016.

The group’s net banking income reached RON650 million in the first quarter of 2017, up 0.4% against the same interval a year before, amid higher net interest income.

BRD group reported 5.1% higher net interest income on the year in the first three months of 2017, due to higher volumes and favourable changes of structure and lower net fee income versus the previous year, mainly due to lower fees charged on card payments and higher market pressure on the prices of trading bank products.

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