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RCI sees Romania's BRD turning to Q3 net loss of 6.1 mln lei (1.4 mln euro)

Nov 1, 2012, 4:34:24 PMArticle by Alexander Oleinic
share
November 1 (SeeNews) - Raiffeisen Capital & Investment Research (RCI) said on Thursday it expects Romanian bank BRD [BSE:BRD] to turn to a net loss of 6.1 million lei ($1.8 million/1.4 million euro) in the third quarter of 2012 from a net profit of 124 million lei a year earlier.

RCI sees Romania's BRD turning to Q3 net loss of 6.1 mln lei (1.4 mln euro)

For the first nine months of the year, RCI sees BRD's net profit after tax at 33.2 million lei under the International Financial Reporting Standards (IFRS), RCI said in a preview of BRD's third-quarter results.

BRD, a unit of French banking group Societe Generale, will release its third-quarter and nine-month results on November 6.

"We expect BRD-GSG's 3Q 12 unconsolidated bottom line to improve somewhat on a sequential basis but remain slightly in red," Raiffeisen Capital & Investment Research said.

Following are some projections for BRD's results made by RCI, under IFRS (in millions of lei):

Jan-Sept'12 Q3'12 Q2'12
Net profit/Loss 33.2 -6.1 -44.0
Profit before taxes 39.3 -6.9 -48.7
Net interest income 1,364.8 431.0 411.0
Gross loans 35,878.0 35,878.0 35,237.0
Provisions for loan losses -1,071.8 -356.5 -378.8

Blue chip BRD's shares were trading 0.64% down at 7.78 lei by 1253 GMT on the Bucharest Stock Exchange on Thursday.

(1 euro = 4.5353 Romanian lei)

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