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Financial & Banking

Laws regarding Romania pulling out of the IIB and the IBEC, promulgated by President Iohannis

Monday, November 28, 2022

   President Klaus Iohannis signed, on last Monday, the decrees regarding the promulgation of laws denouncing the Intergovernmental Agreement on the establishment of the International Investment Bank (IIB) and its Statute and the Convention on multilateral settlements in transferable rubles and the organization of the International Bank for Economic Cooperation (IBEC).The head of state promulgated the laws for denouncing the Intergovernmental ...

Garanti BBVA and IFC sign EUR 40 M loan agreement on financing investments in green housing

Monday, November 28, 2022

Garanti BBVA has signed a EUR 40 million loan agreement with the International Finance Corporation (IFC), a member of the World Bank Group, with the purpose of financing investments in green housing, aiming to contribute to the joint effort to preserve the environment.   The EUR 40 million loan will allow Garanti BBVA to provide green mortgages and home improvement loans, thus encouraging the bank’s clients to ...

Net assets of investment funds down by 4 pct in September, to 15.7 billion RON

Monday, November 21, 2022

 The net assets of the funds opened for local investments stood at a value of approximately 15.7 billion RON in September, down 4% compared to the previous month, according to a report by the Financial Supervisory Authority (ASF).At the end of September 2022, the net assets related to all categories of open investment funds decreased compared to the previous month.Thus, open-end funds of bonds and fixed-income instruments held the largest share in ...

Romanian banks post record profit in Q3

Monday, November 21, 2022

The aggregated net profit of Romanian banks surged to RON 2.88 bln (EUR 581 mln) in the third quarter of the year (Q3), 25% more compared to the same period last year, according to calculations based ...

Black Friday 2022 online card transactions up 27 pct from previous year 

Monday, November 21, 2022

The number of online card transactions on Black Friday this year was approximately 27 percent higher compared to the previous edition of the shopping bonanza, and on average Romanians spent around 322 RON online, slightly down from 370 RON in 2021, shows data published on Thursday by payment processor Netopia Payments.Sellers made an average of 80 transactions per minute, with transactions peaking at 2:15 p.m. The biggest purchase amounted to 35,000 RON paid ...

Patria Bank doubled net profit in first 9 months, to 14.86 million lei

Monday, November 21, 2022

Patria Bank recorded a net profit of 14.86 million lei, in the first 9 months of the year, in the rise by 106%, fom 7.2 million lei in thee first 9 months of 2021. The net bank income went up by 12% to 138.6 million lei. The net bank income records a positive evolution of 12% compared to the same period of 2021 (+15 million lei), although this evolution includes to contraction of 5 million lei ...

Rising consumption rattles markets spooked by inflation

Monday, November 21, 2022

Market commentary by eToro analyst for Romania, Bogdan Maioreanu   Last retail sales data came better than expected throwing a wrench into markets' expectation that central banks will stop hiking interest rates.   The latest data from Romania shows that the ...

Vienna Insurance Group posts 10pct increase in net profit Jan-Sep

Monday, November 21, 2022

Vienna Insurance Group's net profit January through September this year reached 302.4 million euros, up 10.1% compared to the same period last year, according to a press release from the company sent on last Tuesday.In the context of major geopolitical and economic challenges, Vienna Insurance Group (VIG) recorded a very good performance in the first three quarters of 2022. All key indicators continued to improve compared to the same period last ...

FONDUL PROPRIETATEA FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2022

Monday, November 21, 2022

Fondul Proprietatea (hereinafter “The Fund”) published its financial results for the nine months ended on 30 September 2022 and would like to share the following highlights:   The profit for the 9-month period ended 30 September 2022 is RON 3,510.2 million compared with RON 3,097.7 million for the same period in 2021. The main contributor to the profit recorded in the first nine ...

Key interest rates go up in Romania and CEE 

Monday, November 21, 2022

Inflation has been soaring, but the first signs of moderation have begun to appear and inflation expectations, although high, remain anchored. Further, recession is knocking on the door and reducing demand pressures. On the other hand, the ...

iBanFirst announces closing of acquisition of Cornhill

Monday, November 21, 2022

Cornhill, the London-based FX provider, is officially part ...

EC: Romania's 2022 GDP to growth forecast to 5.8%, and to cut 2023 projection to 1.8%

Monday, November 14, 2022

The European Commission (EC) said on Friday that Romania’s economy is expected to expand by a real 5.8% in 2022, as compared to 3.9% growth rate projected in July, but lowered expectations for 2023 economic growth to 1.8% from previously estimated 2.9%.   After a strong 2022, Romania’s economy is set to slow down in the coming years due higher inflation, tighter financial conditions and the ...

BNR Board decisions on monetary policy

Monday, November 14, 2022

In its meeting of 8 November 2022, the Board of the National Bank of Romania (BNR) decided: to increase the monetary policy rate to 6.75 percent per annum from 6.25 percent per annum as of 9 November 2022; to raise the lending (Lombard) facility rate to 7.75 percent per annum from 7.25 percent per annum and the deposit facility rate to 5.75 percent per annum from 5.25 ...

Event: 30 years of partnership between the World Bank Group and Romania

Monday, November 14, 2022

by Mugur Isarescu, BNR Governor   Vice President ...

Inflation drops to 15.3% despite price hikes for sugar, cooking oil, gas

Monday, November 14, 2022

The annual rate of inflation in Romania fell to 15.3% in October, from 15.9% the month prior, despite the fact that prices rose steadily over the same period.   The biggest price hikes were for sugar (62%), cooking oil (43%), and gas (40%), according to Romania’s National Institute of Statistics (INS). The price of potatoes, butter, electricity, cheese, milk, bread, and eggs also ...

OTP Bank Romania reports losses in Jan-Sep, amid loan loss provisioning

Monday, November 14, 2022

In contrast to the performances of larger banks operating in Romania, the local subsidiary of the Hungarian financial group OTP, OTP Bank Romania, announced a RON 15 mln (EUR 3 mln) loss for the first nine months of 2022. The result was caused by the increase in total provisions to RON 151 mln, the company said. The bank's capital adequacy ratio, however, increased to 21.54% vs 20.78% at the end of September 2021, against the background RON 200 mln ...

BVB posts RON 10.51m in net profit nine months into 2022

Monday, November 14, 2022

In the first nine months of 2022, the Bucharest Stock Exchange (BVB) recorded a net profit of RON 10.51 million, RON 5 million (+90%) higher than in the same period of 2021, according to the company's financial results published on Friday.The operating profit increased by 80% (+ RON 3.92), to RON 8.82 million.For January-September 2022, BVB reported operating revenues higher by 33% than in the firts nine months of 2021, standing at RON 24.54 million, ...

BCR: Monetary tightening cycle in Romania reached its end “at least for a while”

Monday, November 14, 2022

Romanian financial group BCR, part of Erste bank group, argued that the latest (50bp) rate hike operated by the National bank of Romania (BNR) on November 8 marks the end of the monetary tightening cycle “at least for a while.”   The ambiguous formulation pointing to “a temporary end of the monetary cycle” similar to rather a halt or hiatus in the monetary tightening leaves, ...

Alpha Bank Romania financial results for 9M 2022

Monday, November 14, 2022

  During the first nine months of 2022, Alpha Bank Romania has registered a solid commercial performance and enhanced profitability, further consolidating the Bank’s presence in the Romanian market.   The Bank’s asset base has increased by over 7.5% in the first nine months, while year-on-year (YoY) growth has surpassed ...

International Investment Bank (IIB) pays back its largest RON bond

Monday, November 14, 2022

IIB announced it redeemed its RON 500 mln (EUR 100 mln) bonds with a coupon of 3.98% when they matured on November 1. This bond, issued in 2019 and listed on the Bucharest Stock Exchange, was the largest in volume among the five such issues on the Romanian market. “Since the Bank’s relocation to Europe, Romania became one of the largest beneficiaries among IIB member states in asset ...

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