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Financial & Banking

BNR: Balance of payments and external debt – June 2019

Monday, August 19, 2019

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According to BNR ( Central Bank) data, in January - June 2019p, the balance-of-payments current account posted a deficit of EUR 5,135 million, compared with EUR 3,717 million in January - June 2018. The deficit on trade in goods widened by EUR 1,486 million, the surplus on services income increased by EUR 104 million, the deficit of the primary income balance narrowed by EUR 204 million, and the surplus of the secondary income balance decreased by EUR 240 ...

Patria Bank got on profit after the first six months: net result: 2.8 million lei

Monday, August 19, 2019

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Patria Bank had a net profit of 2.8 million lei in Q1 2019 against a loss of 23.3 milliion lei in the first six months of last year according to a press release of the bank.The bank gave new loans of almost 342 millin lei with a superior dynamics for companies loans (SME loans, micro-loans and agro). The gross balance of commercial loans had a growth of 80.6 million lei against the end of 2018.Operational costs dropped  by approximately 8% against ...

SIF Oltenia closes H1 with net profit of 114.28 ml lei, up 62.4 pct YoY

Monday, August 19, 2019

Financial investment company SIF Oltenia closed H1 with a net profit of over 114.28 million lei, up 62.4 percent from the same period of 2018, shows a company report sent to the Bucharest Stock Exchange.According to the document, as of June 30, 2019 SIF Oltenia's total revenues stood at 126.759 million lei, 158.97 percent higher YoY. The company's main revenue categories are: gross income from dividends - 119.513 million lei, interest income - 316,570 lei, other ...

Banca Transilvania posts 28 pct higher H1 net profit

Monday, August 19, 2019

Banca Transilvania (BT) reported a mid-year consolidated net profit of 848 million lei, up 28 percent YoY, while the net profit of BT Financial Group was 942.36 million lei, up from 864.6 million lei one year ago, show the bank's financial results released on Wednesday by the Bucharest Stock Exchange (BVB).According to the financial statement, the assets of BT Group amounted to 81.6 billion lei as of June 30, while the operational efficiency stays at 45.87 ...

Romanians from abroad will send fee-free money home via CEC bank

Monday, August 19, 2019

 The CEC bank is working on a product to be launched probably in September through which money from abroad could be sent home free of any fee, on Friday said the Public Finance Minister Eugen Teodorovici, at a meeting with Romanians working abroad."The Romanians send money home, that's great. They mostly pay commissions for this. The CEC and us, from the state, as owner of this bank, will open branches in the countries with large Romanian communities, will ...

ING Bank Romania’s net profit reached RON 385 million in the first half of 2019

Monday, August 19, 2019

ING Bank Romania achieved a net profit of RON 385 million in the first half of 2019, up 12 percent compared to the same period of last year. The gross profit reached RON 451 million in the first half of 2019, 16 percent more than the same period last year, in the context of strong and continuous commercial growth. Revenues increased by 15 percent to RON 1 billion, as a result of increased volumes and a positive evolution of ...

BR ANALYSIS. Big banks gobble up minnows in troubled waters

Monday, August 19, 2019

During the last couple of years, the Romanian banking sector has undergone a fast consolidation process, with unprecedented mergers and acquisitions. Smaller banks and Greek subsidiaries were the main subject of takeovers as their businesses on the local market came under increasing pressure, with credit demand remaining weak and limited options for placing money. The biggest winner of the consolidation process among local lenders was Banca ...

OTP Bank Romania announces the financial results for the first half of 2019

Monday, August 19, 2019

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OTP Group announces the financial results for the first half of 2019. According to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group’s reporting standards, OTP Bank Romania recorded a consolidated after-tax profit of RON 53,6 million (HUF 3,6 billion), with 164% higher than the base period. The FX-adjusted performing loan volumes increased with 17% year-on-year, supported by robust ...

Radu Ghetea joins Libra Internet Bank’s Board of Directors

Monday, August 19, 2019

Radu Ghetea, the former president of CEC Bank, will join Libra Internet Bank as a member of the Board of Directors, according to a statement by the bank.  ”I believe that my experience in various institutions in the financial-banking environment together with the successful entrepreneurial spirit of Libra Internet Bank can contribute decisively to the rapid and safe evolution of the bank, both in traditional areas where it is specialized as ...

BNR Board decisions on monetary policy

Monday, August 12, 2019

In its meeting of 5 August 2019, the Board of the National Bank of Romania (BNR) decided the following: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign ...

Fiscal Council slams government’s budget revision plans, says deficit is likely to exceed 3 pct of GDP target this year

Monday, August 12, 2019

  The Fiscal Council, led by Daniel Daianu, issued an opinion on Thursday regarding the Romanian government’s budget revision project and the semestrial report on the fiscal and budgetary status. The main takeaway of the document released by the Fiscal Council is that its members are confident that the budget ...

Planned pension hikes increase risk of Romania getting its rating downgraded to junk status

Monday, August 12, 2019

The planned pension hikes threaten the fiscal stability in Romania and increase the risk of a rating downgrade of the country to junk status, according to CEE 3Q 2019 report released by UniCredit Bank. “While the government may avoid controversial measures, economic populism could threaten fiscal stability and the country’s investment grade. Planned pension increases of 15 percent in September 2019 and 40 percent in September 2020 could push the budget deficit above 4 ...

Raiffeisen Bank ends H1 with net profit on decrease to 384 mln lei

Monday, August 12, 2019

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Raiffeisen Bank ended the first half of this year with a net profit on the decrease to 384 million lei, from 423 million lei in the first half of 2018, and the total assets of Raiffeisen Bank rose in the first half of this year to 40 billion lei, up 5pct year on year, according to a statement from the bank.The lending activity continued to grow, and the balance of the net loans granted to the clients of the bank reached 26.22 billion lei, an increase of 11pct, compared to the ...

Update regarding the Board of Nominees of Fondul Proprietatea S.A. 

Monday, August 12, 2019

Franklin Templeton International Services S.À R.L., in its capacity as alternative  investment fund manager and sole director (the “Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), hereby, informs the investors that Mr. Sorin Mindrutescu, who has served as a member of the Fund’s Board of Nominees (the “Board”) since September 2010 and as its Chairman since April 2012, decided to step down with immediate effect from the positions ...

SIF Moldova closes H1 with net profit of 102.63 ml lei

Monday, August 12, 2019

Financial investment company SIF Moldova (SIF 2) ended H1 with a net profit of 102.63 million lei, almost double the 53.66 million lei posted in the similar period of 2018, according to financial data sent on Tuesday to the Bucharest Stock Exchange.Compared with estimates in the income and expenditure budget of 48.81 million lei, the net profit is 110 percent higher.Revenues totaled 134.058 million lei (103.294 million lei provided for in the IEB), and expenses 21.88 ...

Deloitte Survey: Central European Private Equity Market focuses more on portfolio management, keeps its consistent growth in Romania  

Monday, August 12, 2019

Many Central European private equity (PE) firms shift in favour of portfolio management amid the uncertainty surrounding the future, with 32% of deal doers expecting to focus mostly on this, the highest level since 2015, according to the latest Deloitte Central Europe ...

CEC Bank rises interest rates for deposits following the market trend

Monday, August 12, 2019

CEC Bank, a Romanian state-owned bank, has increased interest rates for RON fixed-term deposits for both retail clients and companies. The interest rate for deposits for individuals ...

Experts: budget deficit to exceed 4 pct of GDP without additional fiscal measures

Monday, August 5, 2019

Romania’s budget deficit will exceed 4 percent of GDP this year without additional fiscal measures, independent experts estimate. After the first six months of the ...

Government plans new or higher taxes, cuts spending to limit worrying fiscal gap

Monday, August 5, 2019

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Romanian government is planning to introduce new taxes for sugary soft drinks and big pensions, raise taxes for cigarettes and cut spending by reducing bonuses and staff in the public administration, according to a draft emergency decree released by the Finance Ministry. The plan was put together by the government due to the fact that it is running out of resources to cover soaring spending on wages and ...

The mid-year budget deficit rises to 1.94 pct of GDP on high public wages, pensions

Monday, August 5, 2019

The budget deficit increased to RON 19.96 billion or 1.94 percent of the gross domestic product in the first six months of 2019, according to data from the Finance Ministry, which represents a 38.5 percent rise compared to the deficit of 1.4 percent of GDP recorded in the previous month. Compared to H1 2018, when the fiscal gap totaled RON 14.97 billion, the public deficit rose by 33.4 percent. The government estimates a deficit ...

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