BRD - Groupe Société Générale S.A. announced consolidated earnings results for the year 2017, and first quarter of 2018. For the year, the company reported the consolidated net profit for year 2017 of RON 1,414.6 million, up 85.3% year-over-year from RON 763.5 million a year ago, leading to return on equity of 20.1% compared to 11.8% in the previous year. Reported net banking income inched up 0.3% year-over-year to RON 2,785.9 million and advanced by 4.9 % year-over-year when adjusted for non-recurring items, this compared with RON 2,777.6 million a year ago. During 2017, general operating expenses advanced by 6.2% year-over-year on the back of rising labor costs and higher IT investments, leading to a net operating profit of RON 1,312.7 million, down 5.6% year-over-year from RON 1,390.1 million a year ago.

For the first quarter of 2018, the company reported a consolidated net profit of RON 414.3 million, up 25.6% year-over-year from RON 329.9 million a year ago. Net banking income advanced by 11.4% year-over-year to RON 724.2 million from RON 650.1 million a year ago, while general operating expenses inched up by 0.2% year-over-year leading to a net operating profit of RON 339.3 million, up 27.6% year-over-year, from RON 266.0 million a year ago.

For the year 2018, the company expects solid net interest income growth, fee & commission under strong price pressure, net operating profit to be stable, and return on equity to be greater than 12%.