Piraeus Bank Romania sees strong boost in net profit

Piraeus Bank Romania recorded a gross profit of RON 25.1 million (EUR 5.4 million) in the first half of this year, up 6.6 times compared to the same period of 2017. The bank’s loan portfolio increased 3% compared to the similar period of 2017, to RON 3.56 billion (766 million). The growth was boosted by the 18% increase in corporate loans and a 21% increase in loans to the SME segment. “The financial results achieved in the first half of the year confirm that Piraeus Bank Romania moves forward from a solid base. The Bank has recently undergone a series of beneficial transformations that have already produced results. Our shareholders add to that strength,” said Dominic Bruynseels, Executive President Piraeus Bank Romania. “For the short term we are focusing on those areas in our offer that convey a competitive advantage and help us selectively expand the bank's market share and increase the agility of the organization. Now we have all the resources needed to better serve our clients and make progress in a sustainable manner,” he added. At the end of June, Piraeus Bank Romania was acquired by the US investment fund J.C.Flowers & Co. It is the first investment the fund makes on the Romanian market and in CEE. The European Bank for Reconstruction and Development (EBRD) also took a 19% stake in the bank. editor@romania-insider.com