Romania's CEC Bank net profit grows 18% in 2023

The bank's net operating income increased by an annual 11% to 2 billion lei last year due to a stricter control of operating expenses, which increased by 7% on the year, CEC Bank said in a press release on Tuesday.

The bank's net assets increased by 35% year-on-year to 83.5 billion lei in 2023.

"We increased our assets by 35% compared to the same period last year, which propelled us into the top three banks in the market," said Bogdan Neacsu, CEO of CEC Bank.

Last year, the bank acquired the Rural Credit Guarantee Fund (FGCR), a state-funded institution providing guarantees and support for agricultural and fishery production, investments, and co-financed rural development and fisheries projects.

The bank also successfully issued new bonds under the EMTN Multiannual Program in 2023, with two tranches oversubscribed by both international and local investors, raising over 300 million euro.

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=4.97396 lei)