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Financial & Banking

OTP Bank Romania doubles Q1 profit on higher income, lower costs

Monday, May 15, 2017

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Hungarian banking group OTP said on Friday the consolidated adjusted after-tax profit of its Romanian unit doubled year-on-year in the first quarter of 2017, reaching 1.3 billion Hungarian forints ($3.95 million/3.64 million euro). OTP Bank Romania's net profit grew considerably in the first quarter, compared to the 616 million forints profit in the corresponding period of last year, mainly due to higher total income and lower operating costs, OTP ...

În the first quarter of 2017 - GDP up by 0.5% in the euro area and by 0.4% in the EU28

Monday, May 15, 2017

+1.7% and +1.9% respectively compared with the first quarter of 2016 Seasonally adjusted GDP rose by 0.5% in the euro area (EA19) and by 0.4% in the EU28 during the first quarter of 2017, compared with the previous quarter, according to a ...

BVB posted a net profit of 2.83 million lei in Q1 of 2017

Monday, May 15, 2017

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The Bucharest Stock Exchange (BVB) posted a net profit of 2.83 million lei in the first quarter of this year, up 6.975 pct as compared to the similar period of 2016, according to the consolidated results published on their own ...

EIF and Raiffeisen Bank signed a COSME agreement

Monday, May 15, 2017

The European Investment Fund (EIF) and Raiffeisen Bank signed a COSME agreement, which allows the bank to grant 800 million lei (approximately 177 million euro) in loans for small and medium-sized businesses in Romania, announced on Wednesday, the bank's ...

PwC: Romania will start the financial information exchange system in September 2017

Monday, May 15, 2017

Romania will start the financial information exchange system in September 2017, Mihaela Mitroi, PwC Romania Tax and Legal Services Leader, told a specialist conference on Tuesday. "We encourage communication among us, consultants, your representatives, and ...

Operating leasing market topped 62,000 units in management at the end of Q1 2017

Monday, May 15, 2017

The operating leasing market topped 62,000 units in management at the end of Q1 2017, in line with early year estimates, and up 3 pct from the end of 2016, the Operational Leasing Companies Association announced in a release. Nearly 4,300 vehicles were registered by operating lease companies between January and March, accounting for 16 pct of the total of 26,000 new registrations of cars and light commercial vehicles. "The results of Q1 2017 ...

NBR Board decisions on monetary policy

Monday, May 8, 2017

* In its meeting of 5 May 2017, the Board of the National Bank of Romania (NBR) decided the following: to keep unchanged the monetary policy rate at 1.75 percent per annum; to pursue adequate liquidity management in the banking system; and to cut the minimum reserve requirement ratio on foreign exchange-denominated liabilities of credit ...

Sobolewski (BVB): Romania is at the top of increase in the league of the European stock exchange after the first four months

Monday, May 8, 2017

The interest of investors for the companies   listed with the BVB brought the main indicators of the stock exchange a plus of 16% in the first four months of this year, the rate of growth from Romania being double against the one in Germany or France, according to the monthly report of BVB sent on Wednesday. ‘Romania is still at   the top of growth in the league of the European stock exchange after the first four months. The ...

Romanian bank BCR's Q1 net profit drops

Monday, May 8, 2017

Austria's Erste Group said on Friday the net profit of its majority owned Romanian bank Banca Comerciala Romana (BCR) dropped 40% on the year to 39.2 million euro ($42.8 million) in the first three months of 2017, seenews.com informs. BCR's consolidated net profit attributable to owners of the parent also dropped 40% to 36.8 million euro in the first quarter of 2017, compared to the same period of last year. The ...

Sovereign Development Fund, ready by May 15

Monday, May 8, 2017

Romania’s Sovereign Development and Investment Fund (FSDI) will likely go into public debate by May 15 and will have an initial capitalization of around RON 1.8-1.9 billion (EUR 397-419 million), said the Economy Minister Mihai Tudose in an interview ...

Deloitte: VAT code registration in Romania the most difficult compared with the ones from other 12 EU states

Monday, May 8, 2017

The VAT code registration procedure in Romania is the most difficult compared with the ones from other 12 European Union states, according to a study of professonal services firm Deloitte, business-review.eu reports. In all the states that answered the survey, the procedure is simple/direct, except for Romania and Czech Republic. In Romania, the biggest number of documents is requested by authorities, followed by Germany, Czech Republic and ...

ANAF collected 68.45 billion lei in the first four months of 2017

Monday, May 8, 2017

The National Tax Administration Agency (ANAF) collected 68.45 billion lei in the first four months of 2017, up by 2.71 percent compared to the same period of 2016, a press release by the said body sent on Tuesday informs. "In the first four months of the current year, ANAF has gathered 68.45 billion lei, which is a plus of 1.81 billion lei as compared to the amount ...

Non-performing loans (NPLs) decreased in February by 0.17 percent

Monday, May 8, 2017

The rate of the non-performing loans (NPLs) decreased in February by 0.17 percent to 9.58 percent, the National Bank of Romania (BNR) release says. As compared to the level of February 2016, the level is smaller by 3.98 percent. The central bank's Vice Governor Liviu Voinea was recently declaring that BNR has forcast a 6 percent NPLs target for 2017. The number of the individuals registered at the Credit Bureau with dues ...

BCC and its majority owner Patria Bank confirmed their merger as of May 1, 2017

Monday, May 8, 2017

Banca Comerciala Carpatica (BCC) and its majority owner Patria Bank confirmed their merger will become effective as of May 1, 2017 as a result of the completion of all the procedures provided by the law and in accordance with the merger project approved by the shareholders of the two banks. "Customer information was handled as a priority on April 26, 2017, as the ...

AmCham Romania expresses concern regarding the introduction of major changes in the fiscal policy

Monday, May 1, 2017

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AmCham Romania supports maintaining the current flat tax and expresses concern regarding the introduction of major changes in the fiscal policy in a timeframe that does not allow enough time for proper consultations with all stakeholders, American Chamber of Commerce in Romania representatives mention in a press ...

Romania’s Future Sovereign Investment Fund to create IPOs

Monday, May 1, 2017

The Sovereign Investment Fund will be beneficial for Romania, as it will have the capacity to create initial public offerings (IPOs) to raise funds for new investments, GregKonieczny, CEO and portfolio manager of Fondul Proprietatea said Tuesday at a press conference, business-review.eu reports. Konieczny welcomed the initiative to create the Sovereign Investment Fund, and expressed hope that it will minimize the interference ...

Reuters: Romania fund Fondul may sell some of its unlisted companies

Monday, May 1, 2017

Romanian investment fund Fondul Proprietatea (FP.BX) could sell some of the unlisted companies in its portfolio, which have attracted interest from buyers, rather than wait for the government to revive stalled listing plans, its manager said quoted by Reuters correspondent. The $2.15 billion fund is managed by global investment manager Franklin Templeton and more than 70 percent of its portfolio consists of unlisted, mainly state-owned ...

Garanti Bank Romania implemented Allevo's open source solution for processing payments

Monday, May 1, 2017

 Garanti Bank Romania selected FinTP, Allevo’s open source solution to connect to SWIFTNet, ensuring compliance to SEPA standards and regulations, in order to optimize its operations, bobsguide.com informs. The bank continues, as such, to grow rapidly on the Romanian market, offering better services to its customers. By adopting FinTP, Garanti Bank Romania benefits from a technology that drives cost reduction and conveys full control over ...

Neacsu (Erste Asset Management): Romania has the most fragile budget in the EU

Monday, May 1, 2017

Dragos Neacsu, the CEO of Erste Asset Management, says that authorities need to be very prudent in terms of public spending this year, citing similar evaluations made by international financial institutions and rating agencies, business-review.eu informs. Neacsu said that the biggest challenge for Romania is the fact that it has the smallest amount of fiscal revenue as percentage of GDP out of all European Union member ...

Deposits of non-governmental clients grew by 0.9 pct in March

Monday, May 1, 2017

Deposits of non-governmental clients grew by 0.9 pct in March this year compared to the previous month, to the 274.647 billion lei level, the deposits in lei of the population rising by 1 pct up to 105.576 billion lei, and those of legal entities by 0,9 pct, up to 81,791 billion lei, according to a press release issued by the National Bank of ...

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