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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romanian state lender CEC Bank sees 14% asset increase in first nine months

Romanian state-owned lender CEC Bank reported RON 274.2 million (EUR 56.3 mln) preliminary unaudited net profit in the first nine months of the year.

The results were "above the target," and they contribute to the bank's consolidation, CEC says in a statement.

"The results are encouraging, in a context shaped by uncertainty and low interest rates. We have managed to grow in all areas of activity and keep implementing the bank's modernization strategy. CEC Bank is adapting its business model, following the digitalization and the diversification of income sources, by increasing the share of revenues from fees [higher volume of operations," said Bogdan Neacsu, general manager of CEC Bank.

In January-September 2020, CEC Bank recorded net interest income of RON 832.3 mln, a level close to that of the same period last year, in a context characterized by lower interest rates, while net income from fees increased by about 6% to RON 190.9 mln, amid the increase in the volume of operations.

The loan loss provisions doubled to RON 221 mln, impacting the bank's bottom line.

Furthermore, the bank says it has operated negative net adjustments generated by the changes in the contractual clauses in force, mainly due to the moratorium that postpones the payment of credit installments.

The total assets of CEC amounted to RON 37.5 bln (EUR 7.7 bln) at the end of September, over 14% more compared to the end of last year.

The loan portfolio granted to customers, at gross value, increased by about 9% over the same period, with approximately equal growth rates on the segments of individuals and companies.

(Photo courtesy of the company)

[email protected]

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romanian state lender CEC Bank sees 14% asset increase in first nine months

Romanian state-owned lender CEC Bank reported RON 274.2 million (EUR 56.3 mln) preliminary unaudited net profit in the first nine months of the year.

The results were "above the target," and they contribute to the bank's consolidation, CEC says in a statement.

"The results are encouraging, in a context shaped by uncertainty and low interest rates. We have managed to grow in all areas of activity and keep implementing the bank's modernization strategy. CEC Bank is adapting its business model, following the digitalization and the diversification of income sources, by increasing the share of revenues from fees [higher volume of operations," said Bogdan Neacsu, general manager of CEC Bank.

In January-September 2020, CEC Bank recorded net interest income of RON 832.3 mln, a level close to that of the same period last year, in a context characterized by lower interest rates, while net income from fees increased by about 6% to RON 190.9 mln, amid the increase in the volume of operations.

The loan loss provisions doubled to RON 221 mln, impacting the bank's bottom line.

Furthermore, the bank says it has operated negative net adjustments generated by the changes in the contractual clauses in force, mainly due to the moratorium that postpones the payment of credit installments.

The total assets of CEC amounted to RON 37.5 bln (EUR 7.7 bln) at the end of September, over 14% more compared to the end of last year.

The loan portfolio granted to customers, at gross value, increased by about 9% over the same period, with approximately equal growth rates on the segments of individuals and companies.

(Photo courtesy of the company)

[email protected]

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