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Financial & Banking

Fitch warns Romania pro-cyclical fiscal policy, rapid wage growths increase overheating risks

Monday, August 28, 2017

Romania has posted another quarter of rapid economic growth, but pro-cyclical fiscal policy and rapid wage growth in 2017 have increased overheating risks, Fitch Ratings agency said on Wednesday in a press statement. Fitch say that it revised its real Gross Domestic Product (GDP) growth forecast for 2017 up to 5.1 percent from 4.8 percent when it affirmed Romania's 'BBB-'/Stable sovereign rating last month. "If the preliminary 2Q17 reading is confirmed ...

Romania's Libra Internet Bank H1 profit flattish, net assets double

Monday, August 28, 2017

Romania's Libra Internet Bank said on Thursday its first-half net profit remained almost flat on the year, while its net assets almost doubled to 4.15 billion lei, seenews.com informs. The bank's net profit amounted to 23.96 million lei ($6.15 million/5.22 million euro) in the first six months of the year, compared to 25 million lei in the year-ago period, it said in a press release.  Deposits reached 3.72 billion ...

Keysfin study: over 400,000 companies, representing 64 percent of the economy, were having commercial debts în 2016

Monday, August 28, 2017

Three quarters of Romanian companies have come to resort to vendor loans, given that particularly for SMEs, bank financing represents a hard-to-access area, according to a Keysfin study sent on ...

Almost 35,000 Romanians have bank deposits over EUR 100,000

Monday, August 28, 2017

The number of Romanians with bank deposits over EUR 100,000 reached almost 35,000 at the end of June, according to Romania’s National Bank (BNR) quoted by romania-insider.com. All bank deposits up to EUR 100,000 are fully guaranteed in accordance with European law, which means that clients who have such deposits get fully reimbursed in case their bank goes bankrupt. Over 10 million people had bank deposits in ...

UNIQA Romania halves H1 pre-tax loss

Monday, August 28, 2017

Austrian insurance group UNIQA said on Wednesday its pre-tax loss from operations in Romania narrowed to 200,000 euro ($230,000) in the first six months of 2017 from 400,000 euro a year earlier, seenews.com reads. Total gross written premiums from operations in Romania fell 3% year-on-year to 51 million euro in the January-June period, UNIQA said in its first half financial report. UNIQA Romania's gross written premiums in the non-life insurance ...

EIF, Romania's BRD sign partnership deal on SME financing

Monday, August 28, 2017

The European Investment Fund (EIF) and Romania's BRD Groupe Societe Generale  [BSE: BRD] have concluded a new partnership to extend the range of financing products for small and medium-sized enterprises (SMEs) in the country, seenews.com reads. Through this partnership, BRD and the EIF aim to stimulate access to finance for local SMEs by providing new loans totalling up to 140 million lei ($36 million/31 million euro), both for the financing of ...

MF: Economic operators will have free access to a VAT account denominated in lei

Monday, August 28, 2017

Economic operators will have free access to a VAT account denominated in lei, to be opened with the Treasury, as of January 1, 2018, based on the "split VAT" mechanism, representatives of the Ministry of Finance (MF) told a meeting with a press on ...

Provident Financial shares dive on new profit warning

Monday, August 28, 2017

Shares in doorstep lender Provident Financial plunged 58% after it issued its second profit warning in months, romaniajournal.ro informs. It says it now expects to make losses of £80m to £120m as its debt collection rates have dropped to 57% compared with a previous rate of 90% in 2016, BBC reports. Bradford-based Provident recently changed the way it collected its loans, replacing self-employed agents with “customer experience ...

VIG H1 pre-tax profit in Romania up 63% on improved combined ratio

Monday, August 28, 2017

Vienna Insurance Group (VIG) said on Tuesday its operations in Romania generated a pre-tax profit of 5.8 million euro ($6.8 million) in the first six months of 2017, up 62.9% on the year, according to preliminary data quoted by seenews.com. This increase in profit was due to a significant improvement in the combined ratio, the company said in a conference call presentation of its first-half preliminary unaudited results posted on the corporate ...

BNR: Balance of payments and external debt - June 2017

Monday, August 21, 2017

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In January - June 2017, the balance-of-payments current account posted a deficit of EUR 2,745 million, compared with EUR 1,958 million in January – June 2016; the deficit on trade in goods widened by EUR 1,051 million, the secondary ...

Romania’s Economy Named EU's Fastest Growing

Monday, August 21, 2017

Romania’s economy grew by a healthy 5.9 percent in the second quarter of the year, pushing its GDP to its highest level in 12 months. Romania’s economic growth exceeded expectations in the second quarter of 2017, keeping its position as the fastest growing country in Central and Eastern Europe. Romania’s gross economy went up by 5.9 per cent in the second quarter of this year ...

AeRO market of BVB will have 35 new listed companies by the end of this year

Monday, August 21, 2017

The AeRO market of the Bucharest Stock Exchange (BVB) will have 35 new listed companies by the end of this year, with eight companies having been recently added on Tuesday, BVB CEO Ludwik Sobolewski told a press conference. "This is the result of a historic moment. Considering that the merger by absorption of SIBEX - Sibiu Stock Exchange is now close to its end, more companies will be traded on the AeRO market. We are trustful that this new ...

Romanian bank BCR's H1 net profit halves

Monday, August 21, 2017

Austria's Erste Group said on Friday the net profit of its majority owned Romanian unit, Banca Comerciala Romana (BCR), halved to 305 million euro ($361 million) in the first six months of 2017, compared to 636 million euro in the same period of last year, seenews.com reads. The decline was mainly due to the base effect resulting from the recording of consistent revenues from the sale of holdings and reps in the balance sheet in the first half of 2016 ...

Raiffeisen Bank’s net profit in H1, slightly higher by 2 pc to EUR 55 M

Monday, August 21, 2017

Raiffeisen Bank ended the first six months of this year with a net profit in a slight increase of 2 percent over the same period last year, romaniajournal.ro reads. According to a press release, in comparable terms, excluding non-recurring events, Raiffeisen Bank’s net profit increased up to EUR 55 million. “Our half-year results come as a confirmation of our strong positioning on the Romanian market. This year marks our 20-year anniversary ...

UniCredit Bank posts a profit of over RON 225 M in Romania for H1

Monday, August 21, 2017

UniCredit Bank Romania reported a consolidated net profit of RON 225.2 million after the first six months of this year 0.3 percent slightly lower year-on-year, according to the financial report sent to the Bucharest Stock Exchange on Wednesday, romaniajournal.ro reads. UniCredit Bank had RON 860.5 million consolidated operational income, higher by 0.8 percent comparing with the same period of 2016. This evolution is generated, mainly, by increase of ...

Euroins Romania cuts stake in Bulgaria’s Synthetica

Monday, August 21, 2017

Bulgaria’s Synthetica [BUL:0SYA] said on Wednesday insurer Euroins Romania has decreased its stake in the company to 13.81%, seenews.com reports. Following the transaction, Euroins Romania owns 414,184 shares in the company, Synthetica said in a bourse filing. As at end-June Euroins Romania held a stake of 17.05% in Synthetica, according to the Bulgarian company’s financial statement. On ...

Sobolewski : liquidity, the major challenge in the Romanian capital market

Monday, August 21, 2017

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The major challenge in the Romanian capital market is liquidity, especially the equity market's liquidity, notes Bucharest Stock Exchange CEO Ludwik Sobolewski in a commentary published on ...

Analyst: Romania is still far from having reached the pre-crisis stock market peaks

Monday, August 21, 2017

Romania is still far from having reached the pre-crisis stock market peaks and, from the point of view of individual investors, things are entering a do-it-yourself area of adeptly building a portfolio, Professor of behavioural finance at the Bucharest Academy of Economic Studies (ASE) Adrian Mitroi told ...

Assets of the mandatory pension funds (Pillar II) amounted to approximately 37.197 billion lei as of July 31, 2017

Monday, August 21, 2017

Assets of the mandatory, privately-managed pension funds (Pillar II) amounted to approximately 37.197 billion lei as of July 31, 2017, up 3.09 percent from June 30, 2017, according to data provided by the Financial Supervisory Authority (ASF). Government ...

BNR Board: the annual inflation rate had followed a steeper upward path in June to reach 0.85 percent

Monday, August 14, 2017

The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Daniel D?ianu, Board ...

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