BRD on top of inflation in 2003

BRD-Groupe Societe Generale concluded last year with a net profit growth above inflation. The financial statement is to be endorsed by the Board of Directors on April 7, and the shareholders will then decide what to do with the profit, Bogdan Baltazar, BRD’s chairman of the Board said. “In deflated terms, we are somewhere near the profit level in 2002. BRD did well, considering how many banks logged profit growths below inflation last year. The bank expanded without pursuing a market share gain and did it painstakingly, in well-thought steps and with a very good risk control,” Bogdan Baltazar told a banking seminar in Predeal. In 2002, BRD posted 2,251bn ROL profit. A result above the inflation would mean last year’s profit must have reached about 2,570bn ROL. The financial results and the distribution choice for last year’s profit are eagerly awaited by shareholders, as BRD is traded in the first tier of the Bucharest Stock Exchange. ZF