BRD - Sound Results On Lower Risk Cost, Higher Income
- BRD’s reported net income came to RON 348 mln in Q2, down 13% y-o-y and up 34% q-o-q, ahead of our estimate of RON 314 mln on lower risk cost. The y-o-y decline is explained by lack of provision releases which were present in the same period last year.
- Net interest income advanced 2% q-o-q thanks to slightly better margins but mainly due to volumes. Net fees are still on the decline (-5% y-o-y) in line with mgmt expectations as retail clients were moved to a free of charge application resulting in lower fees in e-banking.
- OPEX were under control, increasing by only 2% y-o-y driven by other expenses.
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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