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CEC Bank crediting activity up 12 pct in first ten months of 2009

Total of CEC Bank credits rose by 12 percent in the first ten months of 2009 compared to the similar period in 2008, announced on Tuesday CEC Bank President Radu Ghetea in a seminar on financial reports.

'SMEs loans rose by 34 percent in the first ten months and loans to local public administrations by 62 percent. Overall the loan activity scored a 12-percent advance, whereas the deposit balance increased by 23 percent in the first 10 months', said Radu Ghetea.

As well, CEC Bank President noted that 2009 will be concluded with the bank on profit.

CEC Bank changed the bank's image in its 700 units nationwide, of a total of 1,350 units.

'In the past two weeks we granted 5,000 credits for agriculture, but their value is still very low. It is about bridge loans for subsidies to animal breeders', added Ghetea.

At the same time he stressed that, despite banks showing profit, the banking system is the one actually paying the crisis bill.

As President of the Romanian Banks Association, Radu Ghetea plans to fully adopt International Financial Reporting Standards (IFRS) reporting standards by 2012, but considers that the part referring to provisions should be adopted by 2010.

'I asked Romania's National Bank (BNR) to apply at least part of IFRS starting with Dec. 31, 2009, referring to provisions, because those are more permissive rules', said Ghetea.

Sursa: http://www.agerpres.ro

Tags: cec ghetea percent months first bnr

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