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CEC Bank – RON 370 M profit in 2008

CEC Bank posted a net profit of RON 370 M last year, including from the selling of Asiban, five times the result obtained in 2007, while credits rose 55.25, to RON 8.14 bln, the CEC president, Radu Ghetea, was quoted yesterday by Mediafax as saying.

‘Without the money from the selling of Asiban, the after-tax profit was up 65 per cent, yet you should also take into count the spending related to the strong promotion campaign and the image change of 270 outlets,' Ghetea said. The bank's balance totalled RON 13.1 bln, of which drawn deposits account for RON 11.3 bln, up 28.4 per cent, from 2007.

According to Ghetea, CEC Bank had a strong crediting activity in December of last year, with lending coming to RON 300 M, f which RON 230 M for Small and Medium-sized Enterprises (IMMs) and RON 70 M worth of mortgages. On the other hand, Radu Ghetea explained that commercial banks may reschedule and restructure the loans of problem-customers, on condition they contact the bank in time and discus the debt service.

He also said that CEC Bank seeks solutions so that credit rescheduling and restructuring decisions can be discussed by advisers at bank windows. Further more, Ghetea said small interest rats are needed on the loans so that activity is re-launched, which means bankers want the central bank to decide cuts in both monetary policy interest and minimum mandatory reserves in order to break the crediting deadlock.

 

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