BRD-Groupe Societe Generale (BRD-GSG) grew by 25% in real terms last year compared with 2003 to reach 11,046bn ROL (around 272.5 million euros), while the bank''s net profits rose 39% to 3,701bn ROL (91.3 million euros).
Gross profits grew 38% to 5,769bn ROL, according to a report presented by officials from the bank.
The report includes the consolidated results for BRD-GSG and the leasing company affiliated to the bank, BRD Sogelease.
Last year the two institutions enjoyed their biggest level of growth in deposits in the last five years. The deposit volume reached 85,870bn ROL (2.16bn euros) at the end of last year, a 28% increase on 2003.
Deposits made by individuals increased by 19% in real terms and now represent 47% of the total.
In respect of loans, the increase in real terms was again 28%, reaching a total of 69,966bn ROL (1.76bn euros).
At the end of April BRD-GSG shareholders are scheduled to debate the share capital increase by 2,787.61bn ROL to 6,969.01bn ROL, boosting the par value of the bank''s shares by 2,000 ROL to 5,000 ROL, according to a memo released by the bank calling for a meeting.
The capital increase will be paid for using the reserves accumulated from net profits (2,416.7bn ROL) and the differences derived from the foreign currency amounts held (370.88bn ROL).
Shareholders will then discuss the modification of the par value of BRD shares from 5,000 ROL to 10,000 ROL, as well as the halving of the total number of shares from 1,393,802,680 to 696,901,340.
The allocation of shares to every shareholder as a result of the halving operation will be performed by rounding up to the closest whole number of shares, with the bank''s share capital being increased accordingly.
The majority shareholder in the credit institution is French bank Societe Generale.
The BRD Group in Romania also includes BRD Finance (a consumer finance provider), BRD SG Corporate Finance, BRD Securities (a brokerage firm), SG Asset Management and ALD Automotive.
(The financial results were calculated at the average exchange rate of 40,532 ROL/EUR announced by the National Bank of Romania for last year. The loan and credit balance was calculated at the exchange rate on the final day of the year of 39,663 ROL/EUR).
razvan.voican@zf.ro
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