BRD Group’s net profit rose to $178.38 million in 2016, up more than 63 percent from the previous year.
Higher net banking income and lower risk costs contributed to the significant profit increase, according a company press release.
BRD’s board of directors has proposed paying out a ratio of 70 percent of 2016’s net income to shareholders, subject to approval by vote during the Annual General Meeting of Shareholders in late April.
“2016 was marked by a solid performance of BRD Group, with net income substantially higher than in 2015, benefiting from a strong commercial momentum on retail segment, a better operating performance and a significantly improved risk profile,” Francois Bloch, BRD’s CEO, said. “Looking ahead, we are confident of our universal bank business model which will further enable us to satisfy the most various needs of our customers and grow healthily on all segments while creating value for our shareholders.”
A 3 percent decline in the non-performing loan ratio, as well as more bank customers, also helped increase profits last year.
