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Financial & Banking

SIF Oltenia profit up over five times in H1 2022

Monday, August 22, 2022

Societatea de Investitii Financiare Oltenia (SIF 5) recorded a net profit of 143.98 million lei in H1 2022, 5.2 times higher than in H1 2021, according to a financial report submitted on Tuesday to the Bucharest Stock Exchange (BVB).Revenues increased four times, to 158.531 million lei, and expenses decreased by 33.26%, to 6.991 million lei.As of June 30, 2022, the number of SIF 5 shares in circulation was 475 million, as a result of the successful ...

CEC Bank's H1 net profit at 110.8 ml RON

Monday, August 22, 2022

CEC Bank posted an estimated, unaudited net profit of 110.8 million RON in H1 2022, the bank announced on Tuesday.According to the cited source, the bank continued to strengthen its position on the market, and saw its assets go up to 53.3 billion RON - plus 20 pct compared to the same period last year."For the economy and the banking system, the second quarter was one of the most challenging in the last decade. (...) CEC Bank has proven that it can ...

Assets of voluntary pension funds worth 3.3 billion RON in June, up 2 pct

Monday, August 22, 2022

Voluntary pension funds had assets worth 3.3 billion RON, on June 30, 2022, up 2 percent compared to the level recorded on the same date of the previous year, informs a report of the Financial Supervisory Authority (ASF)."Most investments were made locally (92 percent), the majority RON-denominated (91 percent)," the report states.State securities held the largest share in assets, of 1.974 billion RON, respectively 59.81 percent. Ranking second ...

BNR: Balance of payments and external debt – June 2022

Monday, August 15, 2022

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In January - June 2022p, the balance-of-payments current account posted a deficit of EUR 12,298 million, compared with EUR 7,203 million in the same year-ago period, Romanian central bank (BNR) informs. The breakdown shows that the deficit on trade in goods widened by EUR 4,189 million, the surplus on services increased by EUR 487 million, the primary income deficit grew by EUR 1,349 million, while the secondary income surplus narrowed by EUR 44 ...

Raiffeisen Romania issues RON 500 mln of 5-yr sustainability bonds

Monday, August 15, 2022

Raiffeisen Romania announced that it placed a new issue of corporate bonds in local currency (RON), the bank's fourth issue of MREL eligible bonds and the first series of sustainability bonds, through which it raised RON 500.85 mln from institutional investors, with a maturity of 5 years.   The issue was oversubscribed twice compared to the target size of the private ...

OTP Bank Romania reports 14 million RON in H1 2002 losses

Monday, August 15, 2022

OTP Bank Romania has recorded a loss of 14 million RON in H1 2022 mainly as a result of rising risk costs, the bank announced on Thursday.Operating profit in the first six months of 2022 reached 86 million RON, double the one in the same period of 2021, as the positive effect of a 22% increase in total revenues, partially diminished by an increase of +10 % of operating expenses, according to the bank's H1 2022 financial report published in Budapest, in which the ...

Annual inflation rate drops to 14.96% in July

Monday, August 15, 2022

The annual inflation rate dropped to 14.96% in July this year, from 15.1% in June, as prices of non-food goods climbed by 16.59%, those of food commodities were higher by 16.05%, and services were more expensive by 8.33%, according to data published on Thursday by the National Institute of Statistics (INS)."Consumer prices in July 2022 compared to June 2022 increased by 0.9%. The inflation rate at the beginning of the year (July 2022 compared to December 2021) is ...

Interest rates continue to grow amid fears of stagflation, consumers feeling the pain

Monday, August 15, 2022

The latest good labor data in the United States is adding to the narrative of a new aggressive rate increase by the Fed in September. The European Central Bank started to raise interest rates too but the countries in Central and Eastern Europe are ahead of the pack having the top four largest interest rates in the European Union.   In Romania, at the end of last week, the National Bank increased the ...

Card transactions doubled in 2022, compared to the same period of 2019

Monday, August 15, 2022

Financial institution Capital Financial Services S.A., which operates under the Twispay brand, processed, in the first half of 2022, over 500,000 card transactions, worth almost 30 million Euros.   While the number of transactions is double compared to the same period in 2019, before the start of the pandemic, the total value is about 10% higher. Moreover, the average transaction decreased from 127 Euros in 2019 to 53 ...

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 ...

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