Romania BRD H1 net profit at 39.4 mln lei, misses poll
2012-07-31 12:53:26
Romania's second-largest bank BRD, controlled by France's Societe Generale, missed expectations for its first-half net profit owing to rising provisions for bad loans.
The bank posted a 39.4 million lei ($10.59 million) net profit in the first half on Monday, while the forecast in a Reuters poll was for a 163.4 million lei net profit.
"The net profit of the first half was...influenced by a high net cost of risk (714 million lei)," the bank said in a statement.
The bank, which is reporting its results under International Financial Reporting Standards, recorded a net profit of 281.6 million lei in January-June 2011 under Romanian accounting standards.