CEC Bank reports 446.8 million RON net profit, up 22 percent in 2022

CEC Bank reported an estimated, unaudited net profit of RON 446.8 million for 2022, up 22 percent compared to 2021. This is the fourth consecutive year of profits, growth and market share consolidation for CEC Bank.

“In 2022, CEC Bank continued the transformation and modernization program and invested in the digitization of banking products and services. We also played an active role in increasing financial inclusion in Romania by offering advice and access to banking services through CEC Bank’s network with over 1,000 branches – the largest bank footprint in Romania. In 2022, we managed to attract more than 165 000 new customers, increased the number of users of digital channels by 54 percent and saw the volume of operations through digital channels increase by almost 75 percent, which for the first time exceeded the threshold of RON 100 billion. CEC Bank continued to be an active financer of the economy, with loans over RON 12.5 billion granted to companies and individuals”, said Bogdan Neacsu, CEO of CEC Bank.

CEC Bank’s net profit amounted to RON 446.8 million in 2022 (estimated, not audited), up 22 percent compared to 2021. Net interest income reached RON 1.54 billion, 43 percent higher than in 2021. The increase in interest income is attributable to the context of increased inflation and interbank interest rates, developments that were reflected both in the interest charged on loans, but also in expenses with interest paid for deposits. CEC Bank had a responsible approach towards depositors and operated eight increases in interest rates offered on deposits during 2022. Interest expenses for deposits attracted from customers increased by 87 percent, while the volume of deposits attracted from the customers recorded a 25 percent increase to RON 52.4 billion.

Net income from fees and commissions totaled RON 313.9 million, up 5.5 percent, with the largest increases being recorded in operations carried out through digital channels.