CEC posts 89m RON gross income after the first nine months, up 62%

CEC Bank, the only state-owned top bank, in the first nine months of this year reached an 89m RON gross income (the equivalent of 21.3m euros), up 62% from a year ago.

The third quarter income stood at 25m RON after in April-June period gross income had amounted to 49m RON, according to the data published by the bank.
The bank’s total assets in late September came to 19bn RON (4.54bn euros), up 20% from the same period of last year. In parallel, granted loans rose by only 5%, to 9.54bn RON, amid the two-digit increase in the volume of loans aimed at companies and the declining retail funding.
“The main focus of the bank was to identify those SME, agricultural operator and local public authority projects that could be financed. Thus, 9.500 loans worth 1.36bn RON were granted in the first nine months,” CEC representatives specified.
The portfolio of loans granted to companies and the public administration climbed by 23% in September from the same month of 2009, to 4.66bn RON, with the fastest growth posted on the corporate segment. Instead, on the retail segment, the loan volume has shrunk by 7.5% in the past year, to 4.87bn RON, despite the bank’s promotions on this segment.