Profit down on provisioning, lower DPS but ample liquidity remains
BRD reported net income came to RON 230 mln in the fourth quarter and FY 2020 results came to RON 962.9 mln or RON 1.38 EPS in 2020. Lower results q-o-q and y-o-y stemmed from risk provisioning mainly as the fall in revenues were compensated by lower costs and resulted in a positive jaw on a yearly comparison (+14.4%).
Net interest income was slightly up 1.6% q-o-q and down 4.9% y-o-y which decrease was attributed to lower yield environment. NIM remained stable q-o-q at 3.4%. Fees and commission income was down by 6.3% q-o-q and 10.5% y-o-y linked to reduced fees on daily banking transactions following the SEPA regulation enforcement and the overall lower volumes as the Bank already anticipated in the previous quarters.
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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