CEC Bank net profit up 5.4 pct on year

Newsroom 06/05/2014 | 12:25

CEC Bank net profit climbed 5.4 percent on year to EUR 39 million, given that the state-owned lender maintained assets of RON 26.9 billion with deposits from clients up 10 percent on year, according to bank president, Radu Gratian Ghetea.

“Assets stagnated because the bank slowed down its operations with state bonds, we reached a level that didn’t allow us to constantly buy new titles. We consider government bonds to be the most secure investments but they are sensitive to fluctuating interest rates when in trading. So we established we will maintain the same level of assets, but loaning and deposits grew”, the president explained.

The bank recorded a profit of RON 56.2 million before taxes, up 67 percent on year, when CEC Bank recorded a brute result of RON 33.5 million.

After taxes, the bank registered a net profit of RON 39 million, which added to the social capital would make the latter climb to RON 1.163 billion from 1.124 billion.

CEC recorded an operational profit of RON 567.3 million last year, with provisions worth RON 511 million, up 9 percent on year.