Solid results, DPS 0.92 proposed
- BRD net income came to RON 461 mln in the third quarter, up by 11% q-o-q and 17% y-o-y while exceeded our estimate by 21%. The better than anticipated results came from higher net interest income, which was up by 3% q-o-q and 13% y-o-y and fees were also strong. NIM was rather stable on growing asset base.
- Costs were up by 3% q-o-q due to higher personnel expenses. Due to higher revenues and slower OPEX growth, operating result improved by 7% q-o-q.
- Cost of risk was again positive mainly given sustained recoveries on defaulted exposures and stable evolution on performing portfolio.
- Capital ratio was at comfortable 17.8% (CET1 ratio).
- Loans and deposits increased 4% q-o-q and LTD ratio was at comfortable 65.5%.
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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