BRD Groupe Societe Generale

BRD's net interest margin fell 76.8% yoy to 0.898% in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale's net interest margin amounted to 0.898% in the fourth quarter of 2019, down from 5.36% when compare...

BRD's share price (end of period) rose 38.9% yoy to RON 15.8 in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale stock traded at RON 15.8 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 2...

BRD's market capitalisation (end of period) rose 12.9% to USD 2,591 mil in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale stock traded at EUR 15.8 per share at the end of fourth quarter of 2019 implying a market capitalization of ...

Profit Statement 2017 2018 2019
Net Interest Income RON mil 1,719 1,989 2,150
Net Fee Income RON mil 763 797 806
Other Income RON mil 271 308 529
Total Revenues RON mil 2,754 3,094 3,485
Staff Cost RON mil 739 ... ...
Operating Profit RON mil 1,291 1,753 1,808
Provisions RON mil -360 -82.7 -204
Net Profit RON mil 1,406 1,556 1,492
Balance Sheet 2017 2018 2019
Interbank Loans RON mil 2,550 4,632 3,410
Customer Loans RON mil 29,608 29,603 30,293
Debt Securities RON mil 12,631 12,942 14,328
Total Assets RON mil 54,927 55,719 57,771
Shareholders' Equity RON mil 7,369 7,657 8,184
Interbank Borrowing RON mil 907 639 631
Customer Deposits RON mil 44,220 45,217 45,899
Issued Debt Securities RON mil 1,252 1,307 1,696
Ratios 2017 2018 2019
ROE % 20.0 20.7 18.8
ROA % 2.63 2.81 2.63
Costs (As % Of Assets) % 2.74 2.42 2.96
Costs (As % Of Income) % 53.1 43.3 48.1
Capital Adequacy Ratio % 19.5 19.5 ...
Net Interest Margin % 3.22 3.59 3.79
Loans (As % Of Deposits) % 67.0 65.5 66.0
NPLs (As % Of Loans) % 8.13 ... ...
Provisions (As % Of NPLs) % 95.0 ... ...
Valuation 2017 2018 2019
Market Capitalisation (End Of Period) USD mil 2,315 1,950 2,710
Share Price (End Of Period) RON 12.9 11.4 15.8
Price/Earnings (P/E) 6.39 5.11 7.40
Price/Book Value (P/BV) 1.22 1.04 1.35
Dividend Yield % 12.7 14.4 10.4
Earnings Per Share (EPS) RON 2.02 2.23 2.14
Book Value Per Share RON 10.6 11.0 11.7
Dividend Per Share 1.64 1.64 1.64

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                      
Net Interest Income RON mil                         1,714 1,585 1,516 1,586 1,719    
Total Revenues RON mil                         3,099 2,697 2,579 2,750 2,754    
Operating Profit RON mil                         1,660 1,281 1,195 1,367 1,291    
Net Profit RON mil                         -388 63.1 466 758 1,406    
balance sheet                                      
Interbank Loans RON mil                         714 1,263 2,315 1,998 2,550    
Customer Loans RON mil                         28,059 26,777 26,746 27,839 29,608    
Debt Securities RON mil                         6,499 8,226 9,224 12,515 12,631    
Total Assets RON mil                         47,991 46,081 50,185 51,882 54,927    
Shareholders' Equity RON mil                         5,397 5,750 6,257 6,674 7,369    
Interbank Borrowing RON mil                         0 735 781 587 907    
Customer Deposits RON mil                         37,409 35,954 41,099 42,193 44,220    
Issued Debt Securities RON mil                         4,552 2,965 1,100 1,102 1,252    
ratios                                      
ROE %                         -6.96 1.13 7.76 11.7 20.0    
ROA %                         -0.800 0.134 0.968 1.48 2.63    
Costs (As % Of Assets) %                         2.97 3.01 2.88 2.71 2.74    
Costs (As % Of Income) %                         46.4 52.5 53.7 50.3 53.1    
Capital Adequacy Ratio % ...                       14.2 17.8 19.1 18.9 19.5   ...
Net Interest Margin %                         3.54 3.37 3.15 3.11 3.22    
Interest Income (As % Of Revenues) %                         55.3 58.8 58.8 57.7 62.4    
Fee Income (As % Of Revenues) %                         24.8 28.4 29.1 28.1 27.7    
Staff Cost (As % Of Total Cost) %                         46.1 46.3 47.3 49.7 50.5 ... ...
Equity (As % Of Assets) %                         11.2 12.5 12.5 12.9 13.4    
Loans (As % Of Deposits) %                         75.0 74.5 65.1 66.0 67.0    
Loans (As % Assets) %                         58.5 58.1 53.3 53.7 53.9    
NPLs (As % Of Loans) % ... ... ... ... ...               24.8 20.3 17.0 12.8 8.13 ... ...
Provisions (As % Of NPLs) % ... ... ... ... ...               69.1 71.2 76.3 88.8 95.0 ... ...
valuation                                      
Market Capitalisation (End Of Period) USD mil                         1,936 1,646 2,033 1,924 2,315    
Number Of Shares (Average) mil                         697 697 697 697 697    
Share Price (End Of Period) RON                         9.00 8.75 12.1 11.9 12.9    
Earnings Per Share (EPS) RON                         -0.556 0.091 0.668 1.09 2.02    
Book Value Per Share RON                         7.74 8.25 8.98 9.58 10.6    
Dividend Per Share ...                       0 0 0.320 0.730 1.64    
Price/Earnings (P/E)                       ... ... 96.7 18.1 10.9 6.39    
Price/Book Value (P/BV)                         1.16 1.06 1.35 1.24 1.22    
Dividend Yield % ...                       0 0 2.64 6.14 12.7    
Earnings Per Share Growth % ...                       29.7 -116 638 62.6 85.7    
Book Value Per Share Growth % ...                       -6.08 6.55 8.82 6.65 10.4    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                      
Interest Income RON mil                         2,682 2,268 1,940 1,808 1,860    
Interest Cost RON mil                         968 683 424 221 141    
Net Interest Income RON mil                         1,714 1,585 1,516 1,586 1,719    
Net Fee Income RON mil                         767 765 750 773 763    
Other Income RON mil                         617 346 313 391 271    
Total Revenues RON mil                         3,099 2,697 2,579 2,750 2,754    
Staff Cost RON mil                         663 656 655 688 739 ... ...
Depreciation RON mil                         152 139 131 129 137 ... ...
Other Cost RON mil                         545 530 599 571 597 ... ...
Operating Cost RON mil                         1,438 1,415 1,384 1,383 1,463    
Operating Profit RON mil                         1,660 1,281 1,195 1,367 1,291    
Provisions RON mil                         2,131 1,215 658 484 -360    
Extra and Other Cost RON mil                         169 -14.1 -15.4 -23.4 -21.5    
Pre-Tax Profit RON mil                         -640 79.9 552 907 1,672    
Tax RON mil                         -255 12.0 84.5 143 258    
Minorities RON mil                         3.26 4.77 1.42 5.97 8.22    
Net Profit RON mil                         -388 63.1 466 758 1,406    
Dividends RON mil ...                       0 0 223 509 1,143    
growth rates                                      
Net Interest Income Growth % ...                       -11.9 -7.50 -4.37 4.64 8.38    
Net Fee Income Growth % ...                       -3.10 -0.278 -2.05 3.07 -1.25    
Total Revenue Growth % ...                       0.020 -13.0 -4.36 6.63 0.139    
Operating Cost Growth % ...                       -4.21 -1.60 -2.19 -0.080 5.73    
Operating Profit Growth % ...                       4.00 -22.8 -6.76 14.4 -5.52    
Pre-Tax Profit Growth % ...                       94.1 -112 591 64.3 84.5    
Net Profit Growth % ...                       29.7 -116 638 62.6 85.7    
market share                                      
Market Share in Revenues %                       ... ... ... ... ... ... ... ...
Market Share in Net Profit %                   ... ... ... ... ... ... ... ... ... ...
Market Share in Employees % ... ...                     14.3 15.4 14.9 13.7 13.7 ... ...
Market Share in Branches % ... ...                     ... ... ... ... ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                      
Cash RON mil                         9,780 7,190 8,820 7,140 7,682    
Interbank Loans RON mil                         714 1,263 2,315 1,998 2,550    
Customer Loans RON mil                         28,059 26,777 26,746 27,839 29,608    
Retail Loans RON mil                         16,912 16,947 18,208 19,243 20,906 ... ...
Mortgage Loans RON mil ...                       7,693 8,332 9,482 10,332 11,684 ... ...
Consumer Loans RON mil ...                       9,219 8,615 8,726 8,911 9,222 ... ...
Corporate Loans RON mil                         14,715 12,644 9,083 9,259 9,431 ... ...
Debt Securities RON mil                         6,499 8,226 9,224 12,515 12,631    
Fixed Assets RON mil                         1,110 1,021 984 974 989    
Total Assets RON mil                         47,991 46,081 50,185 51,882 54,927    
Shareholders' Equity RON mil                         5,397 5,750 6,257 6,674 7,369    
Of Which Minority Interest RON mil                         50.3 51.7 49.3 50.4 53.4    
Liabilities RON mil                         42,595 40,331 43,927 45,208 47,559    
Interbank Borrowing RON mil                         0 735 781 587 907    
Customer Deposits RON mil                         37,409 35,954 41,099 42,193 44,220    
Retail Deposits RON mil ... ... ... ... ... ...             16,800 19,100 23,649 26,021 27,837 ... ...
Corporate Deposits RON mil ... ... ... ... ... ...             20,609 16,854 17,529 16,172 16,383 ... ...
Sight Deposits RON mil                         15,309 15,802 22,035 24,284 27,566    
Term Deposits RON mil                         22,100 20,153 19,063 17,909 16,654    
Issued Debt Securities RON mil                         4,552 2,965 1,100 1,102 1,252    
Other Liabilities RON mil                         634 677 948 1,326 1,180    
asset quality                                      
Non-Performing Loans RON mil ... ... ... ... ...               8,388 6,360 5,237 4,029 2,610 ... ...
Gross Loans RON mil ... ... ...                   33,853 31,303 30,744 31,415 32,089 ... ...
Total Provisions RON mil ... ... ...                   5,794 4,526 3,999 3,576 2,480 ... ...
growth rates                                      
Customer Loan Growth % ...                       -11.5 -4.57 -0.118 4.09 6.36    
Retail Loan Growth % ...                       0.072 0.206 7.44 5.69 8.64 ... ...
Mortgage Loan Growth % ... ...                     23.2 8.31 13.8 8.97 13.1 ... ...
Consumer Loan Growth % ... ...                     -9.94 -6.56 1.30 2.12 3.49 ... ...
Corporate Loan Growth % ...                       -17.8 -14.1 -28.2 1.94 1.85 ... ...
Total Asset Growth % ...                       -1.84 -3.98 8.91 3.38 5.87    
Shareholders' Equity Growth % ...                       -6.08 6.55 8.82 6.65 10.4    
Customer Deposit Growth % ...                       3.91 -3.89 14.3 2.66 4.80    
Retail Deposit Growth % ... ... ... ... ... ... ...           3.70 13.7 23.8 10.0 6.98 ... ...
Corporate Deposit Growth % ... ... ... ... ... ... ...           32.1 -18.2 4.01 -7.74 1.30 ... ...
market share                                      
Market Share in Customer Loans %                         12.8 12.7 12.3 12.6 12.7 ... ...
Market Share in Corporate Loans %                         13.1 12.0 8.66 9.11 9.05 ... ...
Market Share in Retail Loans % ...                       14.8 15.0 15.6 16.3 16.6 ... ...
Market Share in Consumer Loans %                         16.4 16.6 16.9 17.0 17.2 ... ...
Market Share in Mortgage Loans % ...                       18.8 18.7 18.3 17.7 17.7 ... ...
Market Share in Total Assets %                         13.2 12.7 13.3 13.2 12.9 ... ...
Market Share in Customer Deposits %                         17.3 15.4 16.2 15.4 14.6 ... ...
Market Share in Retail Deposits % ... ... ... ... ... ...             13.0 13.8 16.1 15.9 15.6 ... ...
Market Share in Corporate Deposits % ... ... ... ... ... ...             29.1 21.0 19.2 17.0 15.3 ... ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                                      
ROE %                         -6.96 1.13 7.76 11.7 20.0    
ROA %                         -0.800 0.134 0.968 1.48 2.63    
Costs (As % Of Assets) %                         2.97 3.01 2.88 2.71 2.74    
Costs (As % Of Income) %                         46.4 52.5 53.7 50.3 53.1    
Capital Adequacy Ratio % ...                       14.2 17.8 19.1 18.9 19.5   ...
Tier 1 Ratio % ...     ... ... ... ...           14.2 17.8 19.1 18.9 19.5   ...
Net Interest Margin %                         3.54 3.37 3.15 3.11 3.22    
Interest Spread % ...                       3.28 3.18 3.02 3.05 3.18    
Asset Yield %                         5.54 4.82 4.03 3.54 3.48    
Cost Of Liabilities % ...                       2.26 1.65 1.01 0.496 0.303    
Payout Ratio % ...                       0 0 47.9 67.2 81.3    
Interest Income (As % Of Revenues) %                         55.3 58.8 58.8 57.7 62.4    
Fee Income (As % Of Revenues) %                         24.8 28.4 29.1 28.1 27.7    
Other Income (As % Of Revenues) %                         19.9 12.8 12.1 14.2 9.85    
Cost Per Employee USD per month                         1,977 1,773 1,672 1,784 1,988 ... ...
Cost Per Employee (Local Currency) RON per month                         6,579 6,154 6,563 7,537 8,139 ... ...
Staff Cost (As % Of Total Cost) %                         46.1 46.3 47.3 49.7 50.5 ... ...
Equity (As % Of Assets) %                         11.2 12.5 12.5 12.9 13.4    
Loans (As % Of Deposits) %                         75.0 74.5 65.1 66.0 67.0    
Loans (As % Assets) %                         58.5 58.1 53.3 53.7 53.9    
NPLs (As % Of Loans) % ... ... ... ... ...               24.8 20.3 17.0 12.8 8.13 ... ...
Provisions (As % Of NPLs) % ... ... ... ... ...               69.1 71.2 76.3 88.8 95.0 ... ...
Provisions (As % Of Loans) % ... ... ...                   20.7 16.9 15.0 12.8 8.38 ... ...
Cost of Provisions (As % Of Loans) %                         7.13 4.43 2.46 1.77 -1.25    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                      
Branches ...                       883 860 829 810 760 ... ...
Employees                         8,393 8,878 8,312 7,605 7,568   ...
Clients mil ... ...                     2.28 2.23 2.25 2.29 2.33 ... ...
Sight (As % Of Customer Deposits) %                         40.9 43.9 53.6 57.6 62.3    
Risk-Weighted Assets RON mil ... ... ... ... ... ... ... ... ... ... ... ... 27,200 26,873 26,862 26,373 ... ... ...

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BRD's net profit fell 35.4% yoy to RON 272 mil in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale made a net profit of RON 272 mil under revenues of RON 396 mil in the fourth quarter of 2019, down 35.4% and 39.5% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of...

BRD's price/earnings (P/E) rose 57.3% yoy to 7.40 in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale stock traded at RON 15.8 per share at the end fourth quarter of 2019 implying a market capitalization of USD 2,591 mil. Since the end of 4Q2014, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, th...

BRD's capital adequacy ratio fell 4.74% yoy to 20.1% in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale's capital adequacy ratio reached 20.1% at the end of fourth quarter of 2019, down from 20.9% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 21.1% in 4Q2018 and an all time low of 19....

BRD's net interest income fell 76.1% yoy to RON 128 mil in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale generated total banking revenues of RON 396 mil in the fourth quarter of 2019, down 39.5% when compared to the same period of last year and 62.8% when compared to the previous quarter. Historically, the bank’s revenues containing o...

BRD's equity (as % of assets) rose 3.08% yoy to 14.2% in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale's Equity reached 6.89% of total assets in the 4Q2019, down from 6.91% for the previous year. As a share of net customer loans, the ratio amounted to 15.4% at the end of the fourth quarter of 2019. ...

BRD's customer loan growth rose 13,503% yoy to 2.33% in 4Q2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale's customer loan growth reached 2.33% in 2019-12-31, up from -0.017% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 8.02% in 2017-09-30 and an all time low of -2.25% in 2018-09-30. ...

BRD's net profit fell 4.08% to RON 1,492 mil in 2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale made a net profit of RON 1,492 mil in 2019, down 4.08% compared to the previous year. This implies a return on equity of 18.8%. Historically, the bank’s net profit reached an all time high of RON 1,573 mil in 2008 and an all time low...

BRD's price/earnings (P/E) rose 44.9% to 7.40 in 2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale stock traded at RON 15.8 per share at the end 2019 implying a market capitalization of USD 2,710 mil. Since the end of 2014, the stock has appreciated by 81.0 % implying an annual average growth of 12.6 %. In absolute terms, the value of th...

BRD's net interest margin rose 5.41% to 3.79% in 2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale's net interest margin amounted to 3.79% in 2019, up from 3.59% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 7.18% in 2004 and an all time low of 3.11% in 2016. The av...

BRD's net interest income rose 8.12% to RON 2,150 mil in 2019

By Helgi Analytics - February 13, 2020

BRD Groupe Societe Generale generated total banking revenues of RON 3,485 mil in 2019, up 12.6% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of RON 3,695 mil ...

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BRD – Groupe Société Générale (BRD), is the second largest Romanian bank. French Société Générale holds a majority stake of 59.4% in the bank. BRD was rebranded after SG bought Banca Română pentru Dezvoltare (Romanian Development Bank) from the Romanian State in 1999. BRD offers a traditional set of banking products and services from the area of retail, corporate as well investment banking and insurance serving individuals, small companies as well as large companies. At the end of 2012, the Bank had nearly 2.2 mil retail and some 135,000 corporate clients and operated 915 branches. BRD was founded in 1990 as a commercial bank by taking over assets of the former Investment Bank of Romania

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Finance

BRD Groupe Societe Generale has been growing its revenues and asset by -0.585% and 1.81% a year on average in the last 10 years. Its loans and deposits have grown by -0.756% and 2.54% a year during that time and loans to deposits ratio reached 66.0% at the end of 2019. The company achieved an average return on equity of 9.54% in the last decade with net profit growing 2.67% a year on average. In terms of operating efficiency, its cost to income ratio reached 48.1% in 2019, compared to 48.4% average in the last decade.

Equity represented 14.2% of total assets or 27.0% of loans at the end of 2019. BRD Groupe Societe Generale's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2019.

Valuation

BRD Groupe Societe Generale stock traded at RON 15.8 per share at the end of 2019 resulting in a market capitalization of USD 2,710 mil. Over the previous five years, stock price rose by 81% or 12.6% a year on average. That’s compared to an average ROE of 15.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.40x and price to book value (PBV) of 1.35x in 2019.