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Financial & Banking

TBI Bank reports record high net profit of nearly EUR 23 million in 2019

Monday, June 8, 2020

TBI Bank’s net profit increased by 58 percent to a company record high of EUR 22.9 million, the Bank’s audited consolidated results for 2019 show. The Bank demonstrated above the market average growth in the most business areas, assets increased by 17 percent and reached EUR 465 million at year’s end. In 2019 TBI Bank issued new loans for EUR 336 million, contributing to 19 percent growth in the Bank’s gross portfolio, which reached EUR 368 million at ...

Romanian banks’ profits 9% down in Q1

Monday, June 8, 2020

The aggregated profit of Romanian banks decreased by 9% in the first quarter of this year (Q1) compared to the same period last year, to RON 1.61 billion (EUR 334 million), according to calculations based on the profitability ratios published by Romania's National Bank (BNR) on May 31. The return on assets (ROA) dropped to under 1.3% in Q1 from 1.6% in the same period last year. The return on equity (ROE) also went down from 14.5% to 11.7%. The ...

BNR Board decisions on monetary policy

Monday, June 1, 2020

In its meeting of 29 May 2020, the Board of the National Bank of Romania (BNR) decided the following: to cut the monetary policy rate to 1.75 percent per annum from 2.0 percent per annum starting 2 June 2020; to lower the deposit facility rate to 1.25 percent per annum from 1.50 percent per annum and the lending (Lombard) facility rate to 2.25 percent per annum from 2.50 percent per ...

BNR: Monetary indicators – April 2020

Monday, June 1, 2020

At end-April 2020, broad money (M3) amounted to RON 439,076.0 million, up 1.2 percent (0.9 percent in real terms) month on month the National Bank of Romania (BNR) data show. In year-on-year comparison, broad money rose by 12.6 percent (9.6 percent in real terms). At end-April 2020, loans to non-government sector granted by credit institutions decreased 0.5 percent (or 0.8 percent in real terms) from March 2020 to RON ...

Minister of Finance: Budgetary effect of fiscal measures is almost 1.5% of GDP

Monday, June 1, 2020

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The Minister of Finance, Florin Citu, declared on Wednesday that the budgetary effect of the fiscal measures represents, in just two and a half months, almost 1.5% of the GDP, an enormous effort to support the Romanian economic environment during this period."There were three major categories of fiscal measures that this Government has taken. There were legislative fiscal measures, adopted during the state of emergency and 30 days after its cessation, we had other ...

Banks approved less than 1% of credit applications on the state-guaranteed SME Invest program

Monday, June 1, 2020

Bank lending to small and medium-sized enterprises (SMEs) under the Government-backed program IMM Invest might not surge as fast as expected, shows a survey carried out ...

ING Bank Romania’s profit drops on higher risk costs

Monday, June 1, 2020

ING Bank Romania recorded a net profit of RON 143 million (EUR 29.5 mln) in the first quarter of 2020, down 27% compared to the same period last year. The lender's revenues increased by 9%, but the risk costs also went up due to deteriorating economic prospects amid the COVID-19 pandemic. The bank highlighted the 13% increase in the number of customers receiving recurring revenues in their ING Bank accounts during the past 12 ...

BCR gives zero-interest loans to NGOs

Monday, June 1, 2020

BCR Group, with the help of BCR Social Finance and Erste Foundation, provides the non-profit sector in Romania with EUR 730,000 worth of financing, for which it charges no interest this year, in the context generated by the COVID-19 pandemic, according to information provided by the bank. The loan interest is 100% subsidized by the Erste Foundation for the uses of the credit made until December 31, 2020.   The working ...

Time to revisit development financing in wake of coronavirus, EBRD President says

Monday, June 1, 2020

The international community needs to revisit financing goals for the 2030 global development agenda in order to respond to the economic challenge of the coronavirus pandemic, the President of the European Bank for Reconstruction and Development (EBRD) said. In a discussion hosted by ...

Press statement from the BNR Governor

Monday, May 25, 2020

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After overcoming at end-March 2020 the peak of tensions generated by the COVID-19 crisis on the domestic financial market, the National Bank of Romania's (BNR) immediate objective was to preserve the regained stability and provide the necessary liquidity for the smooth financing of the public and corporate sectors, as well as of households. To this end, the BNR significantly increased the volume of bilateral repo operations (the average daily stock of ...

EC recommends Romania to avoid implementing permanent measures endangering fiscal sustainability

Monday, May 25, 2020

The European Commission has recommended Romania to pursue fiscal policies in line with the Council's recommendation of 3 April 2020 that Romania should put an end to the present excessive deficit situation by 2022 at the latest, according to the recommendations in the European Semester Spring package released on Wednesday.In early April, the European Council assessed that Romania should reach a general government deficit target of 3.6% of GDP in 2020, 3.4% of GDP ...

FinMin Citu says 152k bank clients benefit so far from installment deferral

Monday, May 25, 2020

As many as 152,000 customers of the financial-banking system have so far benefited from the provisions of Ordinance 37 on deferral of installments and the total loans with postponed installments up to 9 months is about 3.3 billion lei, according to Finance Minister Florin Citu.Prime Minister Ludovic Orban, Finance Minister Florin Citu and the head of the Prime Minister's Chancellery, Ionel Danca, met Friday morning with representatives of the Romanian Association ...

Garanti BBVA Mobile recorded a 61 percent increase of the number of transactions during the first month of distancing

Monday, May 25, 2020

Garanti BBVA bank recorded a 61 percent increase in the number of transactions performed by its retail customers during March 16 and April 16, over the same period of last year. For the retail customers and all digital channels, mobile and online, the number of transactions grew with over 36 percent and the volume of transactions increased with 25 percent, compared with the same period from 2019. During the above-mentioned ...

Romania’s financing costs on international markets increase compared to January

Monday, May 25, 2020

Romania raised more than planned and paid a lower yield than expected under the indicative terms of the Eurobonds launched on May 19. Still, the spreads over the mid-swap (reference) interest rate and thus the financing costs were significantly higher than in January. For the five-year tranche (EUR 1.3 billion), the yield was set at 2.793% and the coupon at 2.75% (305bp over ...

One in five Romanian debtors use moratorium on bank loan repayment

Monday, May 25, 2020

One in five individual debtors have invoked the moratorium on bank loan repayment that allows them to defer the payment of loan installments until the end of this year. One in seven firms with bank loans have postponed their payments to banks as ...

Finance minister promises tax allowances for employers

Monday, May 25, 2020

Romanian finance minister Florin Citu promised tax allowances to the employers that are "good taxpayers" and can increase employment. He also said that targeted measures for specific economic sectors in need, such as the retailers in the shopping malls, are under preparation as well. "We are working on fiscal incentives for employers. I have prepared measures for the good taxpayers because ...

Fitch downgrades UniCredit Bank rating and worsens rating outlook for Banca Transilvania and Garanti Bank

Monday, May 25, 2020

Fitch Ratings has taken rating actions on five Romanian banks in light of the coronavirus outbreak in Europe. The agency has downgraded the credit rating of UniCredit Bank to 'BB+' from 'BBB-' and revised the outlook on the ratings of Banca Transilvania and Garanti Bank to Negative from Stable. Fitch has also affirmed the Long-Term Issuer Default Ratings of Banca Transilvania, Garanti Bank, Banca Comerciala Romana (BCR), and ProCredit ...

Fiscal Council chairman Daianu: Romania needs a promotional (development) bank

Monday, May 25, 2020

Romania needs smart, hands-on public policies, "for instance a promotional (development) bank is necessary, and reviving the idea of a National Development Fund, after the Polish model, should also be considered," Fiscal Council chairman Daniel Daianu writes in an op-ed.Emphasizing that solutions must be found in the short term to a possible blockage of the supplier (commercial) credit in the economy, Daianu explains that "it's not clichés what we need, but ...

Dan Suciu: 3-month ROBOR down by almost 1 percentage point from March

Monday, May 25, 2020

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The 3-month ROBOR index has fallen by almost one percentage point from March until now and we will probably have an equalization with the Reference Index for Consumer Credit (IRCC), the spokesman for the National Bank of Romania (BNR), Dan Suciu, said on Tuesday. "We have seen that the 3-month ROBOR, which is the indicator that is most often taken into account, has fallen by almost one percentage point from March to today and we will probably have a 3-month ...

BCR postpones payment of installments for over 30,000 individuals

Monday, May 25, 2020

The Romanian Commercial Bank (BCR) has received, since March until now, approximately 36,000 requests for postponement of installments from individuals, from which it has managed to implement about 30,000 requests, according to a bank's release.Among the clients with approved requests, 65% are for the BCR solution, with three months' postponement, and 35% for the one offered by Government Ordinance 37/2020, with up to nine months' postponement.BCR also ...

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