CEC Bank posts 57% plunge in net profit for the first four months

CEC Bank, the oldest lender in Romania, saw profit sink 57.4 percent year-on-year to 20.3 million lei in the first four months of 2009, on an 8 percent advance in loan book in the period ending in April 30, reads the release sent today by the bank, NewsIn informs.
The bank had reported a net profit of 47.7 million lei in 2008.

The lender increased its assets during the first four months of the year by 25.2 percent versus the end of 2008, while the new credits granted amount to 723 million lei.

Assets reached 13.65 billion lei at the end of last year and 17.09 billion lei in April. The year-on-year rapport stands at 44.1 percent, as the assets amounted to 11.86 billion lei in April 2008.

The 1,750 credits granted during the mentioned interval pushed the total volume of the loans portfolio up by 8 percent, to 8.79 billion lei. Small to medium-sized companies contracted 700 loans worth 452 million lei, while the agriculture segment came second with 1,045 new loans, worth 270 million lei.

The bank funded 2,053 projects eligible to access European funds, for which the cumulated value of grants reached over 551 million lei.

The loans granted to the population advanced between January and April by 1.25 percent, to 5.27 billion lei, with a 12.5 percent yearly interest, while the corporate loans moved up by 20 percent, to 3.52 billion lei, with a 12.5 percent interest.

Deposits drawn by CEC Bank rose by 5.2 percent, to 11.9 billion lei.

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