January 11 (SeeNews) - Romanian state-owned savings bank CEC said on Tuesday it paid 634.3 million lei ($145 million/128 million) to the Romanian state in dividends for 2019 and 2020.
CEC Bank distributed over 85% of the net profit attributable to shareholders - having one of the highest profit sharing shares on the market, it said in a press release.
The distribution of dividends is part of the obligations assumed under a business plan that was the basis for a 200 million euro ($227 million) increase of the share capital of CEC Bank, approved by the European Commission (EC) at the end of 2019. The plan also envisaged taking a 1.4 billion lei subordinated loan from the finance ministry.
In the January-November period CEC Bank recorded a net profit of 400 million lei, up 46% compared to the same period of the previous year, as its assets reached 45.62 billion lei at the end of November. The decision on the distribution of the profit for 2021 is to be taken by the shareholders after the approval of last year's financial statements.
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=4.9452 lei)
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