CEC Bank reports net profit of 355 million RON in 2021

CEC Bank ended 2021 with an estimated, unaudited net profit of 355 million RON, this being the third consecutive year in which the bank reports record results for the last 15 years, above the budget targets.

The bank’s assets have exceeded the threshold of 50 billion RON (50.6 billion RON), an increase of 22.7 percent compared to last year .

“2021 was a year in which we were very active. We have managed to make great strides towards transforming CEC Bank and the results are already visible: the bank’s assets have increased by 22.7 percent compared to last year, the number of Mobile Banking users has increased by 85 percent, and the volume of digital transactions has doubled. And we’ve managed to attract a record number of new customers (over 135,000) – who have chosen CEC Bank as their home bank, and use CEC Bank’s cards, accounts and online applications for day-to-day operations. The journey continues and, in 2022, we have equally ambitious plans for transformation: we will bring new products online and we will continue to develop our hybrid business model, which serves both rural, undigitalized Romania and modern-digital customers,” said Bogdan Neacsu, President of CEC Bank.

CEC Bank’s net profit in 2021 amounted to 355 million RON (estimated, under audit), up from 337.7 million RON in 2020. Net interest income amounted to 1.1 billion RON and remained stable compared to last year, given that in the first nine months of 2021, in the banking market, rates were at an all-time low, and the trend of rising interest rates began to manifest itself only from fourth trimester. Net commission income continued to grow steadily – by 11.4 percent, to 297.5 million RON, in line with the bank’s strategy to diversify its sources of income.