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Financial & Banking
ING Bank Romania ups number of clients to 1.2 million
Monday, August 20, 2018
ING Bank Romania, the local subsidiary of Dutch group ING, reached a net profit of RON 345 million (EUR 74 million) in the first half of this year, up 35% compared to the same period of 2017, romania-insider.com informs. The bank’s results were boosted by higher lending activity and an increase in the number of active clients. The operational revenues went up by 25% yoy, to RON ...
SIF5 Oltenia reports H1 2018 net profit rising by 78.8pct, to 70.37 million lei
Monday, August 20, 2018
SIF5 Oltenia financial investment company's H1 2018 net profit exceeds 70.37 million lei, up 78.84% percent from H1 2017, according to a report submitted to the Bucharest Stock Exchange (BVB).On June 30, 2018 SIF Oltenia SA got total revenues of 79.735 million lei, up 70.8 percent from the value recorded on June 30, 2017 (46.686 million lei). Revenues from dividends (dividend income are recorded at gross value) amounted to 74.843 million lei, while the net profit ...
Fiscal Council: Significant risk of Romania exceeding its 3 pct deficit target after government’s latest budget revision
Monday, August 20, 2018
The Fiscal Council has issued a warning regarding Romania’s risk of exceeding its deficit target and implicitly its reference level of 3 percent of the GDP for the budget balance, warning that the revision managed to keep the deficit at 2.97 percent of GDP only due to an upward revision of the nominal GDP level, which is probably excessive. In the report, the Fiscal Council says the first budget revision project of this year doesn’t follow ...
SIF Banat Crisana wants to buy the former Bank of Cyprus HQ
Monday, August 20, 2018
SIF Banat Crisana (SIF1) intends to acquire the former headquarters in Bucharest of Bank of Cyprus, which recently liquidated its operations in Romania. The 5-storey office building near TVR, might be bought with an estimation EUR 4 million. According ...
OTP Bank Romania announces the financial results for the first half of 2018
Monday, August 20, 2018
According to the report published in Budapest by OTP Group, quoted by romaniajournal.ro, which presents the consolidated financial result adjusted in accordance with the Group’s reporting standards for the first half of 2018, OTP Bank Romania recorded a consolidated after-tax profit of RON 19.7 million (HUF 1.4 billion), with 59% higher than the base period. The FX-adjusted performing loan volumes increased with 12% year-on-year, supported by ...
NBR Board decisions on monetary policy in its meeting of 6 August 2018
Monday, August 13, 2018
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 currency-denominated liabilities of credit ...
The BVB group announces a consolidated net profit going up with 36% at almost 7 million lei, in Q1
Monday, August 13, 2018
The Stock Exchange Bucuresti group (BVB) announces for Q1 of 2018 a consolidated net profit of 6.99 million lei, up by 36% against the net result obtained during the same period of 2017,5.15 million lei with a net margin of 33% according to the quarterly report of BVB given on Friday to publication.According to the ...
Raiffeisen Bank ends first semester with a 20 per cent net loan growth
Monday, August 13, 2018
Raiffeisen Bank ended the first semester of this year with a net profit in Romania of RON 423 million, up 74 per cent compared to June 2017, romaniajournal.ro reports. Total assets of the Bank increased during this first semester up to RON 38.1 billion (14 per cent growth yoy). The main driver of this positive development was, again, lending: RON 23.6 billion is the total value of the stock of customer net loans growing by 20% yoy. New loan volumes ...
BVB expands the maximum number of companies in main indices from 15 to 20
Monday, August 13, 2018
Bucharest Stock Exchange (BVB) has increased the number of companies ...
Draft pension law: Pension spending will increase by 130pc by 2022 to RON 140bn
Monday, August 13, 2018
The expenditures for pensions to the state social security budget will increase by 11% in 2019 if the new pension law comes into force in the current form, according to the draft bill presented by the Labour Minister, Lia Olguta Vasilescu, Thursday evening, romaniajournal.ro informs. Thus, they will reach RON 67.4 billion in 2019, up from RON 60.7 billion this year. A much higher advance will be recorded in 2020, rising to RON 83.8 billion, ...
Bancpost slammed by Romanian consumer protection agency for Dutch loan disposal
Monday, August 13, 2018
The Constanta County Department for Consumer Protection (CJPC) has fined Bancpost in July for a deal from 2008, when the lender transferred a portfolio of healthy loans to another company registered in the Netherlands, http://business-review.eu informs. The agency claims that Bancpost, which was recently taken over ...
ASF approves increase of social capital of Euroins Romania by RON 2.3 million
Monday, August 13, 2018
The Financial Supervision Authority (ASF) has approved the increase of the social capital of Euroins Insurance and Reinsurance Society S.A by RON 2.3 million, up to RON 532.823 million, http://business-review.eu reports. At the 8 August meeting, ASF adopted measures on the operating framework of supervised non-bank financial markets – insurance, capital market and private pensions. Thus, the ...
Access to loans to be limited! Central Bank’s decision will be in place by September
Monday, August 13, 2018
The National Bank of Romania (BNR) will limit the indebtedness-to-income rate of the individuals, as a new rule is currently discussed by banking sector supervisors, and a decision could be announced in September, according to central bank’s governor Mugur Isarescu, http://business-review.eu reads. During the last year, there has been a lot of debate in Romania about limiting the degree of indebtedness for ...
UniCredit achieved a consolidated profit of EUR 60 million in Romania in the first half of the year
Monday, August 13, 2018
UniCredit has achieved a volume of loans granted of EUR 400 million, to a total of EUR 5.84 billion and an EUR 60 million consolidated profit in Romania in the first half of the year, up 27% compared to the similar period of 2017, mainly due to the increase in interest income, http://business-review.eu informs. The group is active in Romania through UniCredit Bank, UniCredit Consumer ...
Groupama Asigurari appoints Stefan Stavrositu as national sales director
Monday, August 13, 2018
Groupama Asigurari appointed Stefan Stavrositu as its new national sales director, http://business-review.eu informs. From this position, he will develop and coordinate the sales activity via the company’s own network, brokers, leasing and strategic partnerships. “Stefan’s appointment ...
Competition Council authorises takeover of debts and goods of Alpha Bank to Deutsche Bank, AnaCap Financial and APS Investments
Monday, August 6, 2018
The Competition Council authorised the transaction by which Deutsche Bank, London branch, AnaCap Financial Europe SA Sicav-Raif and APS Investments took over a debt and real estate portfolio owned by Alpha Bank Romania and Alpha Bank AE, London branch. The portfolio is made of debts (and attached guarantees) and real estate goods. Deutsche Bank AG, London branch, is part of Deutsche Bank Group (DB), which offers a range of ...
Piraeus Bank Romania posts RON 25.1 mln pre-tax profit in H1 over higher corporate lending
Monday, August 6, 2018
Piraeus Bank Romania, controlled by US investment fund J.C.Flowers & Co, said it recorded a pre-tax profit of RON 25.1 million (around EUR 5.1 million) in the first half of 2018 compared to a result of RON 3.8 million in the same period of last year, http://business-review.eu informs. The bank’s loan book increased by 3 pecent year-on-year to RON 3.5 billion, mainly due to higher lending in ...
BNR survey: Main risks for banks – decisions made by Parliament and Governmen
Monday, August 6, 2018
The uncertainty and unpredictability of the financial-banking legal framework is the main risk bankers complain about, a quarterly survey conducted by the National Bank of Romania (BNR) reveals. According to the evaluation grid, the risk related to the above mentioned issues is ‘high’ and ‘difficult to manage’. Other risk factors are the increase of funding costs, following the higher interest rates and/or the depreciation of ...
Ministry of Finance launches second state securities issue
Monday, August 6, 2018
Ministry of Public Finance launched the 2nd issue of state securities under the Thesaurus Programme - the CENTENNIAL edition, dedicated to the population, informs the institution on Thursday in a release.The state securities will have a nominal value of 1 leu, 3-year maturity, 4.5 per cent interest, with related revenues not subject to taxes. The securities are for resident individuals above 18 years old on the date of subscription, including for those who ...
Insurers' organization report: 826 severe road accidents caused by technical failures in 17-year span
Monday, August 6, 2018
In the interval 2000 - 2017 technical failures caused 826 serious road traffic accidents that resulted in 309 deaths and in 752 people sustaining severe injuries, shows an expert report unveiled at a press conference on Thursday by the representatives of the National Union of Romania's Insurers and Reinsurers (UNSAR). UNSAR considers the number and consequences of the serious road accidents caused by vehicle technical issues has considerably reduced in recent ...