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Financial & Banking
BNR Board decisions on monetary policy
Monday, November 14, 2022
In its meeting of 8 November 2022, the Board of the National Bank of Romania (BNR) decided: to increase the monetary policy rate to 6.75 percent per annum from 6.25 percent per annum as of 9 November 2022; to raise the lending (Lombard) facility rate to 7.75 percent per annum from 7.25 percent per annum and the deposit facility rate to 5.75 percent per annum from 5.25 ...
Event: 30 years of partnership between the World Bank Group and Romania
Monday, November 14, 2022
by Mugur Isarescu, BNR Governor Vice President ...
Inflation drops to 15.3% despite price hikes for sugar, cooking oil, gas
Monday, November 14, 2022
The annual rate of inflation in Romania fell to 15.3% in October, from 15.9% the month prior, despite the fact that prices rose steadily over the same period. The biggest price hikes were for sugar (62%), cooking oil (43%), and gas (40%), according to Romania’s National Institute of Statistics (INS). The price of potatoes, butter, electricity, cheese, milk, bread, and eggs also ...
OTP Bank Romania reports losses in Jan-Sep, amid loan loss provisioning
Monday, November 14, 2022
In contrast to the performances of larger banks operating in Romania, the local subsidiary of the Hungarian financial group OTP, OTP Bank Romania, announced a RON 15 mln (EUR 3 mln) loss for the first nine months of 2022. The result was caused by the increase in total provisions to RON 151 mln, the company said. The bank's capital adequacy ratio, however, increased to 21.54% vs 20.78% at the end of September 2021, against the background RON 200 mln ...
BVB posts RON 10.51m in net profit nine months into 2022
Monday, November 14, 2022
In the first nine months of 2022, the Bucharest Stock Exchange (BVB) recorded a net profit of RON 10.51 million, RON 5 million (+90%) higher than in the same period of 2021, according to the company's financial results published on Friday.The operating profit increased by 80% (+ RON 3.92), to RON 8.82 million.For January-September 2022, BVB reported operating revenues higher by 33% than in the firts nine months of 2021, standing at RON 24.54 million, ...
BCR: Monetary tightening cycle in Romania reached its end “at least for a while”
Monday, November 14, 2022
Romanian financial group BCR, part of Erste bank group, argued that the latest (50bp) rate hike operated by the National bank of Romania (BNR) on November 8 marks the end of the monetary tightening cycle “at least for a while.” The ambiguous formulation pointing to “a temporary end of the monetary cycle” similar to rather a halt or hiatus in the monetary tightening leaves, ...
Alpha Bank Romania financial results for 9M 2022
Monday, November 14, 2022
During the first nine months of 2022, Alpha Bank Romania has registered a solid commercial performance and enhanced profitability, further consolidating the Bank’s presence in the Romanian market. The Bank’s asset base has increased by over 7.5% in the first nine months, while year-on-year (YoY) growth has surpassed ...
International Investment Bank (IIB) pays back its largest RON bond
Monday, November 14, 2022
IIB announced it redeemed its RON 500 mln (EUR 100 mln) bonds with a coupon of 3.98% when they matured on November 1. This bond, issued in 2019 and listed on the Bucharest Stock Exchange, was the largest in volume among the five such issues on the Romanian market. “Since the Bank’s relocation to Europe, Romania became one of the largest beneficiaries among IIB member states in asset ...
Banca Transilvania Group obtains consolidated net profit of 1.678 billion RON, at nine months
Monday, November 14, 2022
Banca Transilvania Group obtained a consolidated net profit of 1.678 billion RON, after the first nine months of this year, of which 1.441 billion RON is the bank's profit, BT informs on Friday.Approximately 237 million RON is the net profit of subsidiaries and capital participations.Banca Transilvania Financial Group's assets reached 141 billion RON at the end of the third quarter of this year, up 6.6% compared to the beginning of the ...
ASF authorizises Romania's first crowdfunding platform
Monday, November 14, 2022
The Financial Supervisory Authority (ASF) announces the authorization of Romania's first crowdfunding platform, called SeedBlink, according to a press release. Thus, the Seedblink Crowd SA company, which administers the mentioned platform, is the first company authorized by the ASF as a provider of participatory financing services, shortly after the entry into force, in August 2022, of Law No. 244/2022 which regulates this ...
Voluntary pension funds posted 3.34 B RON in assets in September, up 0.5pct
Monday, November 14, 2022
Voluntary pension funds postes assets worth 3.34 billion RON, at the end of September 2022, up 0.5pct compared to the level recorded on the same date of the previous year, according to a report of the Financial Supervision Authority (ASF)."Most investments were made locally (93pct) and also most of them were denominated in lei (90pct)," the report states.State securities held the largest share in assets, 2.165 billion RON, 64.86pct. Coming second ...
EFSE Provides EUR 7 M subordinated loan to Patria Bank to support MSMEs in Romania
Monday, November 14, 2022
The European Fund for Southeast Europe (EFSE), an impact investment fund focusing on fostering economic prosperity in Southeast Europe and the Eastern Neighbourhood Region, has granted a EUR 7 million Basel III-compliant Tier 2 Capital subordinated loan to Patria Bank. The loan is part of the EFSE crisis response package for financing micro, small and medium enterprises (MSMEs) in critical agri-related ...
BNR: International reserves – October 2022
Monday, November 7, 2022
On 31 October 2022, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 46,291 million, compared to EUR 43,711 million on 30 September 2022. During the month, the following flows were ...
Macroeconomic forecasts for 2023: exchange rate volatility remains high, global economy on the brink of recession
Monday, November 7, 2022
Several economies are on the verge of collapse, notably the eurozone countries, plus the UK, Canada and Australia; The US could avoid a recession if the real estate sector, which accounts for 5% of US economic growth, does not falter in the coming period; China's growth rate is expected to slow significantly in 2023 to around ...
BNR's Neagu: Romanian banking sector has values significantly above European average on solvency, liquidity
Monday, November 7, 2022
The Romanian banking sector has values significantly above the European average in terms of solvency and liquidity, Deputy Director within the Financial Stability Department of the National Bank of Romania (BNR) Florian Neagu stated on Thursday."I believe that there are several things that we, at the National Bank, are doing to support entrepreneurs. Firstly, we make sure that the banks have enough liquidity and enough capital for the lending activity ...
BCR Group records net profit of RON 1.539 billion in first nine months of 2022
Monday, November 7, 2022
BCR (Banca Comerciala Romana) Group recorded a net profit of 1.539 billion RON (312 million euros) in the first nine months of this year, up 34.8% compared to the same period in 2021, due to an improved operational performance, supported by continued strong growth of lending, BCR informs."We are here to provide clients with all the resources we have to strengthen the potential for growth and adaptation to the new context: from entrepreneurial, financial and ...
BRD Group reports net profit of 1.016 billion RON in the first nine months of 2022
Monday, November 7, 2022
BRD Group reported a net profit of 1.016 billion RON in the first 9 months of this year, higher by 10.3% in annual dynamics, leading to a return on equity of almost 17%, compared to the level of 13% obtained in the same period last year, according to a press release sent by the Bucharest Stock Exchange."In the first nine months of 2022, BRD recorded a solid performance in all lines of activity, despite a challenging economic context. The momentum of ...
Raiffeisen Bank reported in the first nine months of the year a net profit of RON 920 million, an increase of 43%
Monday, November 7, 2022
Raiffeisen Bank obtained in the first nine months of the year a net profit of RON 920 million, registering an increase of 43%, and the bank’s revenues increased by 19%, reaching RON 2, 3 billion. Raiffeisen Bank managed to achieve a solid financial performance in the first nine months of 2022, with a net profit of RON 920 million, ...
More green bonds from Raiffeisen listed at Bucharest Exchange
Monday, November 7, 2022
Raiffeisen Romania listed on the Bucharest Stock Exchange its RON 325 mln, 5-year bond issue (BVB: RBRO27B), previously launched in a private placement with a 9.4% coupon attached. It is a green, sustainable and ESG-compliant bond. The bonds are explicitly banned from distribution to individual investors. "The issue will allow us to direct the funds we raise into ...
Raiffeisen Romania to repay EUR 19 mln of undue interest charged on loans extended during 2006-2009
Monday, November 7, 2022
Romania’s High Court (ICCJ) ruled that Raiffeisen Romania has to pay back EUR 19 mln, plus interest to be calculated on a case-by-case basis, to over 9,000 of its customers who took loans during ...