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October 4, 2022

CEC Bank reports 2015 gross profit of 13.8 million lei

CEC Bank reported on Tuesday a gross profit of 13.8 million lei in 2014, down 75 percent from 56.2 million in 2013; it was the eighth consecutive year in the black for the bank, according to its release.

The roughly seven million lei profit margin after the taxes and the legal provisions was used, ‘like in the past years,’ to increase the bank’s social capital, which thus reached 1.17 billion lei, while its own funds stand at 1.46 billion lei, the release mentions.

In 2014, CEC’s net assets were 28 billion lei, while the volume of loans to customers increased by 6.4 percent overall and by 8.5 percent to corporate customers. The proportion of corporate customers augmented from 21 percent in 2006 to 68 percent last year.

Bad loans, not including the loan sales, were 21.74 percent, around the average of the banking industry. Bad loans amounting to approximately 731 million lei were written off, and net expenditure for depreciation amounted to 547 million lei.

Customers’ deposits at CEC Bank advanced 8.8 percent year-on-year in 2014, as a result of a 22 percent plus from corporate customers and of a seven percent plus from individuals.

At end-2014, CEC’s active portfolio of customers included 2.6 million individuals and 138,000 companies.


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