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Financial & Banking

Fondul Proprietatea reports profit of almost 2bln lei, nine months into 2019

Monday, November 18, 2019

Fondul Proprietatea reported a net profit of 1.936 billion lei in the first nine months of 2019, up 103.7% from the same period last year, according to a quarterly report submitted on Friday to the Bucharest Stock Exchange (BVB).The main contributors to the profit recorded in the first nine months of 2019 were the gross annual dividend income of RON 723.4 million, and the positive net change in fair value of equity investments classified at fair value through ...

Raiffeisen Bank ends Q3 2019 with net profit of 536 mln lei

Monday, November 18, 2019

 Raiffeisen Bank ended the third quarter of 2019 with a net profit of 536 million lei, compared to 718 million lei in the same period of last year, according to a press release of the bank."The 25pct decrease in the net profit (year on year) comes from several non-recurring events such as: the methodological changes in the provision of credit risk and the provision of the participation in the Aedificium Bank for Housing subsidiary," the release ...

Bank of China to start operations in Romania this December

Monday, November 18, 2019

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Bank of China will begin operations in Romania in December, Romania’s National Bank (BNR) governor Mugur Isarescu announced during a speech on the occasion of the 70th anniversary of Romania-China's bilateral ...

CEZ invites bidders to submit offers for its assets in Romania next month

Monday, November 18, 2019

Czech energy group CEZ will invite potential buyers of its assets in Romania to submit their offers next month, after having received more than 30 letters of interest during the market testing ...

ASF gets re-elected as member in Executive Committee of the IOPS

Monday, November 18, 2019

 Romania, represented by the Financial Supervisory Authority (ASF) has been re-elected for a 2-year mandate (2019-2021) as member of the Executive Committee of the International Organisation of Pension Supervisors (IOPS), an ASF release informs.According to the quoted source, the Financial Supervisory Authority will be represented in this organisation by Vice-President of Private Pensions System Dan Armeanu.The International Organisation of ...

NN’s Romanian pension fund management branch recruits CIO from Fondul Proprietatea

Monday, November 18, 2019

Dutch financial group NN announced that Dan Gheorghe will serve as Chief Investment Officer (CIO) of its Romanian pension fund management division NN Pensii, his mandate being authorized by the Financial Supervisory Authority (ASF). Dan Gheorghe will succeed Cristian Popa, who was appointed to the Board of Directors of Romania’s National Bank (BNR). "I am looking forward to starting this new ...

Report: One in ten small banks will disappear in the 5 years

Monday, November 18, 2019

Banking system in Romania evolved strongly in 2018 and over the last years. In terms of profit, 2018 brought a record high for Romanian banks. In fact, over the past few years, the top line performance and profitability was above the European average, shows a AT Kearney report. Despite previous more pessimistic views, 2018 brought a growth in loan stock of 4 percent and new loans production or 6 percent across segments (retail, corporate) – in companies ...

BNR Board decisions on monetary policy

Monday, November 11, 2019

In its meeting of 6 November 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 ...

BNR report: the behaviour of the fiscal policy and that of income keeps its relevance as  an important source of risks

Monday, November 11, 2019

The behaviour of the fiscal and income policy keeps its relevance as an important source of risks during the interval of projection, says the Quarterly report on inflation. ‘On the basis of the most recent information regarding the budgetary execution, the behaviour of the fiscal and income policy keeps its relevance as an important source of risks during the interval of projection. The configuration of these policies, under the specter of the electoral calendar of ...

OTP Bank Romania: Financial results for the third quarter of 2019

Monday, November 11, 2019

OTP Group announces the financial results for the first nine months 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 79 million (HUF 5.4 billion), with 14% higher than the base period. In the third quarter the Romanian operation posted RON 26 million (HUF 1.8 billion) profit, ...

International Investment Bank bonds issue floats on Bucharest Stock Exchange

Monday, November 11, 2019

International Investment Bank (IIB) recently attracted a new round of financing on the Romanian capital market, for the fifth consecutive year. The bonds, with a 3yrs maturity and a fixed interest rate of 3.98% p.a. payable annually, were listed on Thursday, ...

BVB outperformed most European peers in Jan-Oct

Monday, November 11, 2019

Boasting a yield of 40% (including dividends) delivered to investors in the first ten months of 2019, the Bucharest Stock Exchange (BVB) ranked as the second best performing stock exchange in the European Union, after the Athens Stock Exchange (+48%) according to data aggregated ...

Finance minister: Not sure we can keep deficit below 3%

Monday, November 11, 2019

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The new Government in office in Romania since November 5 will target a 3%-of-GDP budget deficit this year, finance minister Florin Citu announced. The new finance minister also has to decide if he keeps the head of the tax collection agency - ANAF and wants to have the budget planning for next year drafted, “based on current laws”, by December 15. “Current laws” include the revised Pension Law and the 40% pension hike planned ...

The European Commission expects the Romanian economy to slow down from 4.1% in 2019 to 3.6% in 2020 and 3.3% in 2021

Monday, November 11, 2019

The pace of growth of the Romanian economy will slightly speed in at the end of this year, up to 4.1%, from 4% in 2018, but will slow down up to 3.6% in 2020 and to 3.3% in 2021, according to the autumn economic forecast released by the European Commission on Thursday. Compared to the economic forecast released in July, the EC has slightly revised upward the forecast on Romania, considering they were counting back then on a 4 pc rise in 2019 and an ...

BRD-GSG three-quarter net profit up 7.9 pct

Monday, November 11, 2019

BRD Groupe Societe Generale made a three-quarter net profit of 1.226 billion lei, 7.4 percent higher than the 1.142 billion lei registered in the same period of 2018, the bank said in a statement on Wednesday.The gross operating result increased to 1.26 billion lei from 1.185 billion lei in the first nine months of 2018 (+ 9.2 percent in annual terms, the contributions to the Bank Deposit Guarantee Fund and the Bank Resolution Fund excluded).The first ...

Mazars Romania: Out of the 75 companies listed on BVB only 4% had a compliance level of 100%

Monday, November 11, 2019

Mazars Romania launched the study “Corporate Governance: building trust or compliance burden?”, where it analyses the companies listed on the Bucharest Stock Exchange (BVB), in terms of compliance with the Corporative Governance Code of BVB, implementing the principle Comply or Explain (CoE). The findings revealed that out of the 75 companies listed on the Bucharest Stock Exchange and surveyed here only 4% had a compliance level of 100%, ...

Fiscal Council president: Libra cryptocurrency is “very dangerous”

Monday, November 11, 2019

The Libra cryptocurrency is very dangerous because it would break the monetary system almost irretrievably, as central banks would lose their effectiveness, said on Tuesday Daniel Daianu, the president of the Fiscal Council, cited by Agerpres. “Cryptocurrencies are highly speculative financial assets, and assets such as Libra – whether they rely on a bunch of assets which are considered safe or on coins – are very dangerous because ...

Private pension funds made payments of 95 million euros for more than 60,000 participants and heirs

Monday, November 11, 2019

APAPR, the Association for Privately Administered Pensions in Romania announced on Tuesday that private pension funds (pillar II, compulsory and pillar III optional) made payments of 454.7 million lei (95.7 million euros) to 63,153 participants and heirs since its setting up to the end of September. The amounts are equally divided between mandatory and optional pension funds (226 million lei for pillar II and 228 million lei for pillar ...

Orban govt aims to list 3 SOEs on BVB, close sovereign fund

Monday, November 11, 2019

Romania's new government of National Liberal Party (PNL) aims to list three of the biggest state-owned enterprises (SOEs) on the Bucharest Stock Exchange and scrap the sovereign investment fund created by the previous leftist government, the prime minister's economic adviser said on Tuesday. The three SOE's that the cabinet led by Ludovic Orban plans to list during its tenure are savings bank CEC, hydro power producer Hidroelectrica ...

Profitability of Romanian banks improves in Q3 compared to H1

Monday, November 11, 2019

The profitability of Romanian banks expressed as return on assets (ROA) and return on equity (ROE) improved in the third quarter of this year (Q3) compared to the first half (H1). However, for the whole January - September period, the two indicators are lower than the record levels posted in 2018 when the system boasted the best financial ratios since ...

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