CEC Bank recorded net profit of 515.8 million RON in 2023

CEC Bank recorded an estimated, unaudited net profit of 515.8 million RON in 2023. The bank continued to strengthen its position on the market and recorded an increase in net assets up to 83.5 billion RON – up by 35 percent compared to the same period last year.

“2023 was another year of growth and transformation for CEC Bank, a year that reconfirmed our position as a strong, stable, inclusive bank, capable of facing any present and future challenges. We increased our assets by 35 percent compared to the same period last year, which propelled us into the top three banks in the market. We laid the foundations of the financial group by acquiring the package of 99.993 percent of the share capital of the Rural Credit Guarantee Fund (FGCR), we maintained the pace of transformation and digitization and successfully issued a new package of bonds within the EMTN Multiannual Program. We continued to be one of the most important financiers of the Romanian economy, both for large companies and SMEs, as well as for individuals, and we remained one of the banks that prioritized financial inclusion and started initiatives to strengthen ESG principles in our organization. I trust that the year 2024, the year in which CEC Bank celebrates 160 years since it has been part of Romanians’ lives, will be another successful stage in fulfilling the objectives of our strategic plan”, said Bogdan Neacșu, President of CEC Bank.

Net operating revenues increased by 11 percent compared to 2022, to 2 billion RON. The gross value of outstanding loans granted to customers amounts to 33.2 billion RON, up 8 percent compared to the same period in 2022, while deposits attracted from customers increased by around 39 percent compared to the end of last year, until to 72.7 billion RON.

CEC Bank in 2023:

· Over 58,000 new loans in 2023, with a cumulative value of approximately 10.5 billion RON.

· New loans granted in 2023 to corporate clients amount to more than 8.5 billion RON, of which 3.4 billion RON were granted to clients newly included in the bank’s portfolio. We focused on supporting the investment projects of existing clients, but also on diversifying the portfolio. The main areas of activity financed, in correlation with the programs aimed at projects of national and regional interest, were: agriculture, industry, trade, constructions.

· Agriculture had the largest growth in CEC Bank’s portfolio, being the second field financed by the bank, the balance of loans and financing commitments increased to 5.1 billion RON (+ 26 percent compared to December 2022).

· Over 48,000 Romanians, natural persons, benefited from financing worth 1.9 billion RON, intended for real estate investments or the implementation of other personal projects.

– At the same time, CEC Bank reached the 5th place in the top of the primary dealer banks on the government bond market at the end of 2023.