Romania’s CEC Bank posts EUR 8.6 mln in net profit for 2013

Romanian lender CEC Bank posted a gross profit of around EUR 12.4 million in 2013, well above the level in 2012, of some EUR 7.4 million. The bank’s net profit was of EUR 8.6 million, and will be re-invested in the bank, via a social capital increase. The lender, majority owned by the Romanian state, has a market share of 7.43 percent in Romania, based on the volume of its assets, which reacted some EUR 6 billion end of 2013. This places the bank among the top five lenders assets wise in Romania. CEC focused on lending for small and medium enterprises, agriculture businesses, and local public administration, and managed to shift its loans structure more towards the corporate side, which covers 67 percent of the loans. For comparison, in 2006, only 22 percent of the bank’s loans were for companies and corporates, while the majority was made of retail loans, or loans for individuals. End – 2013, CEC Bank had 3.4 million individual clients, and 147,000 companies as clients. editor@romania-insider.com