CEC triples profit in H1, overtakes Raiffeisen as fifth largest Romanian bank by assets
Romanian state-owned lender CEC Bank recorded an estimated, unaudited net profit of RON 369.4 million (EUR 74 mln) in the first half of 2023, more than three times larger compared to the same period in 2022.
The bank continued to strengthen its market position, and its assets increased by 29.4% y/y to RON 69.08 bln (EUR 14 bln) at the end of June.
The bank thus climbed up from 6th to 5th place in the ranking by assets, surpassing Raiffeisen Bank, which reported assets of RON 66.2 bln. Previously, in 2021, CEC Bank had overtaken UniCredit Bank and climbed from 7th to 6th position.
Exim Banca Românească, the other state-owned Romanian bank, reported its assets increased by 62% y/y to almost RON 25 bln at the end of June, occupying the 8th place in the ranking.
Exim took over of Banca Românească in 2022. At that time, Exim Banca Românească (previously ExmBank) had advanced to 8th place in the ranking by assets, with RON 23 bln, surpassing Alpha Bank and OTP Bank.
(Photo source: Lcva/Dreamstime.com)