Romanian lender CEC Bank sees highest profit in ten years

Romanian state-owned CEC Bank recorded a gross profit of RON 222.7 million (EUR 48.7 million) in 2017, 14 times higher than in 2016. This is the bank’s best result in ten years. The net balance sheet assets at the end of 2017 stood at RON 31.65 billion (EUR 6.8 billion), up 12% compared to end-2016. CEC Bank thus increased its market share to 7.42%, from 7.16% at the end of 2016, maintaining 7th place in the local banks’ ranking. The bank increased its loans to companies by 9%, compared to an increase of 3% in the local baking system. The loans to individuals advanced by 12%, compared to an 8% increase of the overall market. Thus, the total loan portfolio increased by 10%, including some write-offs and the volume of new loans granted in 2017 was 16% higher than in 2016. The non-performing loans ratio went down by 2.84 percentage points compared to end-2016, reaching 2.91%. CEC Bank operates a network of 1,022 units, almost half of which are in rural areas. Romania’s CEC Bank installs 382 self-service terminals in its units editor@romania-insider.com