Mandatory private pension funds post EUR 0.25 bln in profit in 2013

Six out of the eight mandatory pension funds in Romania ended 2013 with net profits of around EUR 258 million, which was 60 percent above the 2012 level. This was due to higher assets and to a profitable year for fixed investments and on the stock market, according to Ziarul Financiar. Last year, the contributions to pension funds went up to 4 percent of the salary. Meanwhile, interest rates for state bonds went up, and so has the stock market. The assets of mandatory private pension funds were up 45 percent, to some EUR 3.1 billion. Most profitable was ING, with a profit of around EUR 105 million in 2013, a growth of 63 percent on the year before. Its net assets were of EUR 1.1 billion. The biggest increase in profit was recorded by BRD, which more than doubled its net profit – up by 152 percent – to some EUR 8.2 million. editor@romania-insider.com