BRD-In line earnings with positive trends
- BRD’s net profit in the first quarter came to RON 260 mln on a Group level, basically in line with our estimate of RON 263 mln though net interest income was lower than expected compensated by higher net trading impact.
- NII was still up by 2% q-o-q and 10% y-o-y on higher volumes and to a smaller extent thanks to higher interest rate environment. NIM however was down (-5bps q-o-q) due to a large increase in assets, related to the lombard facility provided by the NBR after the war began. Trading revenues were up by 5% y-o-y and was substantially higher than the weak previous quarter thanks to gain on derivatives.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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