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Financial & Banking

EBRD: Romania Agricover Credit IFN 20m loan under RLF

Monday, August 15, 2022

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Project Description EUR 20 million unsecured multicurrency (EUR or RON) loan (the 'Project') in two equal tranches (the first one committed and the second one uncommitted) to Agricover Credit IFN SA ('ACIFN') under the Resilience and Livelihoods Framework ('RLF'). Project Objectives The project will help ACIFN to increase lending to farmers (MSMEs) ...

ANAF: About 1 million legal, other entities enrolled with tax admin's virtual space on June 30

Monday, August 15, 2022

Almost 1 million legal entities and other entities (951,579) were registered with the National Tax Administration Agency (ANAF) virtual private space as of June 30, 2022, up 24,039 from late May 2022, according to an H1 2022 ANAF activity report."Since H1 2022, important steps have been taken to achieve the objectives set for 2022. Thus, three of the targets and milestones established under the Council of the European Union's implementation decision for ...

ASF: Competition on Romania's motor third-party liability market rises as quotes drop

Monday, August 15, 2022

  After H1 2022, Romania's market for the RCA motor third-party liability insurance confirms having managed to overcome the effects of the City Insurance SA, a former leading RCA insurer, having left the market, according to data with the Financial Oversight Authority (ASF)."The efficiency of the unprecedented measures taken by the Financial Oversight Authority (ASF), both in terms of legislation and in terms of control and oversight, is ...

BNR Board decisions on monetary policy

Monday, August 8, 2022

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In its meeting of 5 August 2022, the Board of the National Bank of Romania (BNR) decided:   to increase the monetary policy rate to 5.50 percent per annum, from 4.75 percent per annum, as of 8 August 2022; to raise the lending (Lombard) facility rate to 6.50 percent per annum from 5.75 percent per annum and the ...

Alpha Bank revenues increased by 15 percent in H1 2022

Monday, August 8, 2022

Amid a challenging macroeconomic context characterised by a high level of uncertainty, Alpha Bank Romania continued to strengthen its position on the market, increasing its assets by 11% compared to the same period of the previous year, with a sound financial and commercial performance: Alpha Bank Romania’s loan portfolio increased by 7.0% compared to the same period of the previous ...

Raiffeisen Bank posts net profit of RON 602 M in H1 2022

Monday, August 8, 2022

Raiffeisen Bank achieved a very good financial performance in the first half of 2022 with a net profit of RON 602 million, an increase of over 50% compared to the first half of the previous year, based on a strong loan growth and an improved risk profile.   Loan stock, over RON 37.4 billion, gained a significant advance of around 25% vs H1 2021 sustained by an excellent lending evolution, largely for Corporate clients whose ...

BCR financial results in H1 2022: EUR 210.7 Million profit

Monday, August 8, 2022

The stock of net customer loans granted by Banca Comerciala Romana (BCR Group) advanced by 17.3% yoy as of 30 June 2022 New loans of RON 5 billion granted in H1 2022 to households (mortgage and unsecured consumer) and micro-businesses. At the same time, BCR approved new corporate loans of RON 8.1 billion in H1 2022, of which a quarter are aimed for investments. This way, over 3,700 companies which generate 232,000 jobs were ...

Erste says losses caused by Romanian bonds are "manageable"

Monday, August 8, 2022

The deep dive taken by the value of the Romanian government securities "has an impact on the bank, but the situation is manageable," according to Stefan Doerfler, the CFO of Erste, speaking of bank BCR in Romania, quoted ...

Revolut data: Personal remittances to Romania up 41 pct in H1

Monday, August 8, 2022

  Personal remittances to Romania in the first six months of the year were 41 percent higher compared to the same period of 2021, yet the average transfer size was lower because of the economic uncertainty and the increase in living costs, shows data recorded in the Revolut financial app.The number of peer-to-peer transactions to users based in Romania was 49 percent higher compared to the year-ago period, and the number of ...

BNR: Monetary indicators – June 2022

Monday, August 1, 2022

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According to the National Bank of Romania (BNR) data, at end-June 2022, broad money (M3) amounted to RON 569,291.7 million, down 0.02 percent ...

Global Payments: Payments of 2.5 million euros on mobile, in May and June

Monday, August 1, 2022

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*Half of The Romanians frequently use card payment, and 82% noticed the increase in the number of places where they can make electronic payments   Electronic payment methods are gaining more and more ground in Romania, after the consumption experiences of the two years of the pandemic. Almost half of Romanians (47%) prefer to use electronic payment methods, even when shopping ...

Non-performing loans rate drops 3.34pct in 2021

Monday, August 1, 2022

Last year, the rate of non-performing loans continued its downward trend from previous years, reaching the value of 3.34pct in December, compared to 3.71pct in December 2020, according to the 2021 Annual Report of the Fiscal Council.The provision coverage ratio reached 66.1pct at the end of 2021, up from 62.75pct the previous year, well above the European average of 44.5pct.Also, from a macroprudential point of view, it was possible to find ...

Libra Bank pays 6.5% fixed coupon on 10-year bonds denominated in euros

Monday, August 1, 2022

Romanian bank Libra, a lender specialized in the niche of liberal professions and owned by the American investment fund New Century ...

Mobexpert and Alpha Bank launch premium co-branded card in partnership with Mastercard

Monday, August 1, 2022

Mobexpert and Alpha Bank Romania are launching a co-branded shopping card through which customers of Romania’s largest furniture manufacturer and retailer can benefit from up to 36 interest-free instalments for purchases in Mobexpert stores and online at www.mobexpert.ro.   In addition, customers can enjoy unique advantages such as 10% discount on products not benefiting from other discounts or 50% discount on ...

Alpha Bank Romania lends EUR 23 mln to Element Industrial for logistic projects

Monday, August 1, 2022

Romanian real estate developer with a focus on logistics and industrial segment, Element Industrial, announced on July 25 that it contracted a EUR 23 mln loan from Alpha Bank Romania for the development of the first two phases of the ELI Park 3 project, part of the ELI Park Bucharest North West hub.   The first phase of ELI Park 3, with an area of 18,500 sqm, was delivered this spring and is fully ...

Romanians cut spending on utilities and shopping, allocate larger budget to positive experiences

Monday, August 1, 2022

 Romanians have made 86 million transactions with Revolut during the first six months of 2022, by 31% more than the first six months of 2021, and tourism generated the largest increase, according to the financial application's data.The total volume of payments increased by 29% during the first 6 months of the year, as opposed to the same period of 2021."Regarding Romanian customers' consumer behavior, tourism generated the largest increase, ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 July 2022

Monday, July 25, 2022

18 July 2022   The National Bank of Romania Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and ...

Government prepares budget revision

Monday, July 25, 2022

The Romanian government plans to revise this year’s budget in the first half of August, Prime Minister Nicolae Ciuca said on Thursday. The budget revision needs to include 10% cuts to each ministry’s budget, but also the support measures to mitigate against high inflation and increasing energy prices. However, the budget deficit will stay within the agreed limits, Finance Minister ...

Inflation in real estate: The residential, industrial and retail sectors, the most exposed

Monday, July 25, 2022

Inflation has become a hot topic for the real estate market, as all players in the industry (tenants or investors), are experiencing the effects of rising prices in one way or another, the most exposed sectors to the inflationary pressures being the residential, industrial and retail ones, with a lot more resilience found in the office segment. However, we estimate that energy price volatility could accelerate the companies’ process of relocating in green, ...

How fintech helps Romanians to plan longer holidays and better prepare the budgets for vacation

Monday, July 25, 2022

Most of the respondents want to spend the summer holidays locally, probably to prevent unforeseen situations they faced in the last 2 vacations, during COVID-19 pandemics. 26% of Romanians intending to travel abroad, in the general population, and the intention rises at 33% amongst the fintech users. Romanians intended to allocate an average of 2,894 RON (EUR 586) budget per vacation, but they under-estimated this ...

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