The CEC Bank group obtained a net profit of 540 million lei in 2023, increasing by…

The CEC Bank Group achieved a net profit of 540 million lei in 2023, up 27% compared to the one achieved in 2022, while the Bank reported a net profit of 515 million lei, up 21%, according to the audited financial report published at BVB.

Net interest income increased by about 6.11%, to 1.64 billion lei, as a result of the increase in the balance of loans and investments.

The group’s operating revenues increased to 2.03 billion lei, from 1.7 billion lei in 2022. At the bank level, revenues increased to 1.99 billion lei, 11% above the 2022 level.

Personnel expenses (including the expense of the provision for the participation of employees in profit) registered an increase of 9.9%.

The group ended 2023 with total assets worth 83.6 billion lei, up 35% compared to 2022. The increase was mainly generated by the increase in the portfolio of government securities whose balance was increased by 15 billions of lei. The total value of the portfolio of state securities was 30.3 billion lei at the end of last year.

At the Bank’s level, assets stood at 83.5 billion lei.

The outstanding loan portfolio, related to non-bank clients, is 8% higher, “a comfortable increase, which the Bank managed to achieve in a year still marked by high inflation, the unfavorable effects induced by overlapping crises and by maintaining high interest rates related to loans”, the report states.

About 75% of the total value of loans in the balance are loans granted in lei.

In the year 2023, CEC Bank granted new loans to natural and legal person clients in the total amount of 10.5 billion lei, respectively 58,412 loans, of which 48,848 are loans to natural persons.

The balance of deposits increased by about 38% (approx. 20 billion lei), to 71 billion lei, the increase being generated in the largest proportion by deposits attracted from companies. At the same time, the deposits attracted from private clients increased by about 19%.

Approximately 63% of the deposits attracted are in lei.

The rate of non-performing exposures recorded at the Bank’s level is 4.14%, compared to the previous year, when it was 4.41%. At the level of the banking system, the rate of non-performing exposures from loans and advances was 2.33%.