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Sep 12, 2023 12:46 EEST
September 12 (SeeNews) - Romanian savings bank CEC said on Tuesday that its net profit rose to 369.4 million lei ($79.7 million/74.4 million euro) in the first six months of 2023, compared to 110.8 million lei in the like period of 2022.
Net income from interest and commissions rose 10.7% on the year to 912.7 million lei in the first half of 2023, CEC Bank said in a statement.
CEC Bank's loan portfolio increased by 10% year-on-year to 32.25 billion lei during January-June, while deposits from customers grew by 27% to 59.8 billion lei.
"We continued to finance the economy with new loans worth around 5 billion lei granted in the first semester, and to strengthen our position on the market by increasing assets to over 69 billion lei - a value never reached before by CEC Bank," said Bogdan Neacsu, president of the bank.
The bank's total assets increased by an annual 29.4% to 69.08 billion lei during the first half of 2023. Its non-performing loans (NPL) ratio rose to 5.41% at the end of June from 4.88% a year earlier.
CEC Bank made investments worth 84.3 million lei in the first half of this year, of which more than 70% in IT systems.
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 to CEC Bank in 2008.
(1 euro=4.96596 lei)
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