Romania's BRD bank net profit jumps 90pc y/y

BUCHAREST: Romanian lender BRD Groupe Societe Generale Says the bank records net profit of 1.38 billion lei in 2017, 90 percent up on the year.

Says BRD Group registered very robust profitability, says the Group's net profit amounted to 1.415 billion lei in 2017, up 85.3 percent on the year, leading to return on equity of 20.1 percent compared to 11.8 percent in the previous year.

BRD maintained a comfortable capital adequacy ratio of 19.5 percent as of 2017 end (including current year result, net of planned dividends (subject to a favourable vote by the Annual General Meeting of Shareholders on April 19th, 2018) at individual level, under Basel 3 regulations with national discretions), versus 19.8 percent at 2016 end (including net profit).

Says the Board of Directors has decided to propose a dividend corresponding to a payout ratio of 80 percent of the bank 2017 core net result and 100 percent of non-recurring items net of tax, resulting in an overall payout ratio of 83 percent, subject to a favourable vote by the Annual General Meeting of Shareholders on April 19th, 2018.