February 27 (SeeNews) - Romanian savings bank CEC said on Monday that its net profit rose 22% year-on-year in 2022, reaching 446.8 million lei ($95.9 million/90.8 million euro).
The bank's net interest income increased by an annual 43% to 1.53 billion lei last year due to higher inflation and interbank interest rates, CEC Bank said in a press release.
Net invome from fees and commissions grew 5.5% on the year to 313.9 million lei, while operating income rose 24.3% to 1.83 billion lei in 2022.
CEC Bank's loan portfolio increased by 14% year-on-year to 29.3 billion lei last year, as deposits from customers climbed by 25% to 52.4 billion lei.
"CEC Bank continued to be an active financer of the economy, with loans over 12.5 billion lei granted to companies and individuals," said Bogdan Neacsu, CEO of CEC Bank.
The bank's total assets increased by 22% to 61.77 billion lei last year. Its non-performing loans (NPL) ratio stood at 4.43% at the end of 2022, compared to 5.28% a year earlier.
Founded in 1864 as Casa de Economii si Consemnatiuni (Deposits and Consignments House), CEC was reorganised in 1996 as a joint stock company with the finance ministry as its sole shareholder. It was re-branded as CEC Bank in 2008.
(1 euro=4.92007 lei)
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