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Financial & Banking

XTB: opinions of several specialists regarding the “stars” of the stock markets at the end of 2020 and beginning of 2021

Monday, November 9, 2020

Online commerce, technology companies, cyber security companies, those active in the online field in general, gold, the pharmaceutical and medical sector, FMCG companies, supermarket chains and energy companies present the best opportunities of investments at the end of 2020 and beginning of 2021, according to the opinions formulated by seven of the most well-known specialists in capital markets in Romania. These are: Valentin Nedelcu, Mircea Iliescu, Dan Sulica, ...

OTP Bank Romania : Financial results for the first nine months of 2020

Monday, November 9, 2020

OTP Group has announced the financial results for the first three quarters of 2020. This year’s activity has been transformed and strongly influenced by the effects of the Covid-19 pandemic, and the banking industry is one of the first to respond to the support and financing of the local economy. OTP Bank records positive operating results, growth in the lending and saving areas, and a healthy profitability for the current ...

BRD Group: 738 million RON profit in first nine month, 39 pct decrease

Monday, November 9, 2020

The BRD Group obtained a net profit of 738 million RON in the first nine months, compared to 1.23 billion RON in the similar period of 2019, a 39 pct drop, according to the financial results of the bank remitted on Monday to the Bucharest Stock Exchange.According to the quoted source, the profit recorded by the bank was influenced by the net expense with provisions (in comparison with a net release of provisions in the similar period of last year), which ...

Romania counts for 18 mln cards, with transactions worth 70 bln euro

Monday, November 9, 2020

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There are 18 million cards in Romania, i.e. at least one card for each active person, and 70 billion euro are traded through them, Catalin Cretu, Managing Director of Visa for Romania, Croatia, Malta and Slovenia, told a specialized conference on last Tuesday."In Romania, our card payment industry already has a very good penetration. There are over 18 million cards in Romania. By looking at the active population, to the more than 19 million inhabitants, ...

BCR reports 142 pct increase in 9-month net profit

Monday, November 9, 2020

BCR posted a 9-month net profit of 845.8 million lei, up by 142 percent compared to 348.8 million lei in the first nine months of 2019, the bank said in a release."BCR recorded a net profit of 845.8 million lei (175.2 million euros) in the first 9 months of 2020, compared to 348.8 million lei (73.6 million euros) in the year-ago period, due to a higher operating result and a significant advance in new loans, partially offset by higher risk costs. The net profit in ...

Moody’s defers updating Romania’s rating

Monday, November 2, 2020

International rating agency Moody's has deferred updating Romania's sovereign ratings, scheduled for October 23. Thus, Romania's ratings remain at the lower end of the range seen by investors as safe or low-risk - Baa3 - with a negative perspective. Moody's upgraded Romania to the investment-grade region in October 2006, amid the country's EU accession (2007), and has not downgraded it during the 2008-2009 recession. To reflect ...

Budget deficit on first nine months is 6.36 pct of GDP

Monday, November 2, 2020

Minister of Public Finance, Florin Citu, announced on Tuesday that the budget deficit for the first nine months of this year is of 6.36 pct of the GDP, or 67.27 billion RON."Romania, together with the global economy, is going through the largest crisis in the last 100 years. I am not the one to say it, all those who are looking today at the global economies are saying it. And still, they also say, and more and more come and confirm, Romania will go through ...

Iohannis: European financial resources must be used intelligently, precisely what Romania intends to do

Monday, November 2, 2020

President Klaus Iohannis stressed on Wednesday that European funds must be used intelligently in the context of the epidemiological crisis."The current epidemiological crisis has shown us that the European Union, as a whole, but also we, each member country, must adapt as well as possible to the process of change we are going through, in order to become as competitive and efficient as possible. Hence, the financial resources we have at our disposal must be used ...

FinMin: more interest rate and liquidity stimuli still possible

Monday, November 2, 2020

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Romania still has resources to use interest rate cuts and liquidity injections to stimulate the real economy sector, finance minister Florin Citu said in an interview for Radio Guerrilla on October ...

Govt. taken by surprise by strong demand for working capital grants

Monday, November 2, 2020

Over 22,200 Romanian small and medium-sized enterprises submitted requests for working capital grants under the second measure of the EUR 1 billion program launched by the Government to support local entrepreneurs.   Local SMEs from sectors directly impacted by the COVID-19 pandemic can apply for grants of up to EUR 150,000 under this measure. But the EUR 350 million budget (including EUR 42.5 mln ...

Aegon to sell Romanian subsidiary under regional deal

Monday, November 2, 2020

Dutch insurance company Aegon has put up for sale its business in Eastern Europe, including Romania.The group aims to raise cash to better cope with the negative effects of the coronavirus pandemic (Covid-19) and increase profits in its core markets, sources familiar with the deal told ...

Erste Group’s underlying performance remains solid despite the  pandemic impact

Monday, November 2, 2020

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“Considering the unprecedented crisis environment, Erste Group’s profitability remains satisfactory at  637 million euros in net profit for the first nine months of 2020, with the third quarter being very strong.  Our operating income decreased only by 2 percent year-on-year, loan loss provisions amounted to 70  basis points, and continued cost discipline resulted in lower expenses year-on-year. These results speak  to the strength of our ...

Simona Marin (Dentons): Financing for a sustainable future, the transition to net zero

Monday, November 2, 2020

  Simona Marin, Head of Banking & Finance practice, Dentons Bucharest, explains in an exclusive BR Interview the concept of sustainable finance, its importance, and how Romania can adopt this model over the next years.   What is sustainable finance and why is it ...

Monetary indicators – September 2020

Monday, October 26, 2020

At end-September 2020, broad money (M3) amounted to RON 460,999.2 million, up 1.8 percent (2.0 percent in real terms) month on month and 15.1 percent (12.4 percent in real terms) year on year, the National Bank of Romania (BNR) said in a release on Friday.   At end-September ...

Commercial cooperation agreement between UniCredit, China's Industrial and Commercial Bank

Monday, October 26, 2020

UniCredit and the Industrial and Commercial Bank of China (ICBC) announced on Thursday the signing of a Memorandum (MoU) to increase business cooperation and offer solutions to customers in the fields of Global Transaction Banking (GTB) capital, financing, global markets, M&A and financial consulting.According to a release issued on Thursday, the objective of this Memorandum is to contribute to the establishment and development of a non-exclusive, ...

President of BGK: By the end of the year The Three Seas Fund is expected to have 1 Billion Euro at its disposal

Monday, October 26, 2020

“By the end of this year, the Three Seas Fund, founded by BGK and the Romanian Exim Bank, should have 1 billion euro at its disposal,” Beata Daszynska-Muzyczka, President of BGK and of the Fund’s Supervisory Board, told the Polish Press Agency (PAP).   “On Monday we reported that the Management Board of BGK, as the main founder and creator of the Three ...

OLX Group acquires KIWI Finance, the largest credit broker in Romania

Monday, October 26, 2020

OLX Group and ORESA announce the intention to transfer ownership of KIWI Finance from the current shareholders to OLX Group. KIWI Finance, the largest loan broker in Romania, will be added to OLX Group’s local portfolio, which already includes OLX, Storia.ro and Autovit.ro. The transaction is to be completed by the end of the year, following approval from the Romanian Competition Council. Once the Competition Council approves the ...

President of ASF guarantees all private pension funds comply with minimum yield

Monday, October 26, 2020

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All private pension funds comply with that mandatory condition regarding the yield, a very good one, of over 4%, the president of the Financial Supervision Authority, Nicu Marcu told on Tuesday evening private television broadcaster Digi24."I can guarantee you that all private pension funds comply with this yield. Moreover, the real yield is over 4%, a very good return. Even now, in crisis, because the investments made by pension funds are long-term ...

Biofarm, the second pharma company to join ARIR

Monday, October 26, 2020

The Romanian Investor Relations Association has announced that Biofarm had become Associate Member of ARIR. Biofarm is one of the first drug manufactures in Romania, founded 100 years ago by merging several pharmaceutical companies. Biofarm shares are listed on the Bucharest Stock Exchange since January 2005 and they are included in the Premium ...

Romanian banks extend EUR 2.85 bln loans to SMEs under Govt. backed program

Monday, October 26, 2020

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Local banks have granted 20,000 loans to Romanian SMEs under the IMM Invest program so far. The value of these loans is RON 14 billion (EUR 2.85 bln), or some 1.4% of GDP, said Stefan Nancu, head of the state body (FNGCIMM) that manages this Government program aimed at helping small and medium-sized companies.   Under this program, the state guarantees up to 90% of the bank loans and covers interest costs ...

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