Romanian state-owned bank sees higher profit, lower market share

Romania’s biggest state-owned lender CEC Bank, the sixth local bank based on assets, posted a net profit of EUR 2.5 million last year, up 42% compared to 2014. In 2014, CEC Bank saw a net profit of EUR 1.7 million. The lender hasn’t published its financial results for last year, but Romania’s National Bank (BNR) presented the local lenders’ evolution in its yearly report. At the end of last year, CEC Bank had total assets of EUR 6.1 billion, down 1.6% compared to the end of 2014. The lender thus saw its market share decrease to 7.3% last year from 7.7% at the end of 2014, according to BNR. The bank remained the sixth largest lender based on the value of assets, after BCR, BRD, Banca Transilvania, Raiffeisen Bank, and Unicredit Bank. CEC Bank is fully owned by the Finance Ministry. editor@romania-insider.com