CEC Bank profit drops 40% in H1

Moreover, the lender says the first-half net profit is equal to the gross one of 19 million lei, due to the level of non-deductible expenses.

CEC Bank had reported a gross profit of 32 million lei in the first six months of 2008.

The level of provisions upped 50.6 percent year-on-year in the Jan 1 – Jun 30 interval, to 113 million lei.

The banks' assets rose an annual 46.7 percent to 18.14 billion lei. After the first six months of last year, the total assets' volume stood at 12.4 billion lei and then hiked to around 13 billion lei at the end of 2008.

The bank’s loan book increased 32.3 percent to 8.87 billion lei (2.1 billion euros) at the end of June, compared to mid-2008, following a significant advance in small-business loans, of 65.7 percent, NewsIn informs.

Deposits advanced 22.7 percent to 12.51 billion lei, mostly underpinned by a two-fold growth in savings made by companies.

The capital adequacy ratio for the end of the first half stood at 18.89 percent and the credit-to-debit ratio amounted to 71.20 percent.

CEC Bank reported a market share of 5.28 percent for its assets at the end of the first half, up from 4.15 percent on December 31 2008, and 4.40 percent on the credit side, up from 4.12 percent. For the deposits, CEC grabbed a market share of 7.42 percent, compared to 6.92 percent at the end of 2008.

The bank has so far financed over 2,100 eligible projects by accessing European funds for a total grant value of 578 million lei.

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