CEC Bank profits, lifted by the sale of Asiban

CEC Bank reported a net profit of 370 million lei in 2008 (nearly 100 million euros), and counting out the profits from the sale of the stake in Asiban, the earnings rose 65%, said the chairman of Radu Gratian Ghetea.

In 2007, CEC Bank reported after-tax profit of 90 million lei.

CEC Bank’s assets amounted to 13 billion lei at the end of 2008 (3.3 billion euros), up by 26-27% from a year earlier.

CEC Bank’s credit value reached 8.14 billion lei (2.04 billion euros) at the end of last year, reflecting a 55.2% growth from December 2007. Deposits were up 28.4% to 11.3 billion lei (2.8 billion euros) at yearend.

In terms of structure, CEC Bank’s loan portfolio was made up of 63% for natural persons and 37% loans to small and medium sized enterprises, large companies and public authorities.

“We have approximately 29% loans granted to small and medium sized enterprises, 4% to large companies, and 3% to public administrations”, said Ghetea.

He added that the bank holds 1.8 billion lei resources in required reserves at National Bank of Romania, and other 1.9 billion lei in state securities.

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In the last month, CEC Bank’s value of loans amounted to 300 million lei, with 230 million lei granted to SMEs. CEC granted leu-currency mortgage loans worth 70 million lei.

French insurer, Groupama paid a roughly 350 million lei to the four stockholders: CEC, BCR, BRD-SocGen and Banca Transilvania – that held equal stakes in Asiban. Each bank was the recipient of 87.5 million euros, and included the one-time revenues in third quarter earning report of 2008.

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Banca Transilvania reported after-tax profit of 398.23 million lei last year, up 17% from 2007, with 56 percent stemming from the sale of stake in Asiban, reads the preliminary report made public by the lender.

A year earlier, Banca Transilvania reported 339.97 million lei net profit.

The bank said the operating profit in 2008 amounted to 175.73 million lei, while 222.50 million lei being derived from Asiban deal, namely the sale of 25% of the insurer’s outstanding shares.

Moreover, Banca Transilvnia’s assets jumped to 17.02 billion lei (4.63 billion euros) at the end of last year, 23% more than 13.88 billion lei in 2007.