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Piraeus Bank Romania announces positive first half

Piraeus Bank Romania achieved positive financial results for the first six months of this year. The bank’s profit, volume of granted loans and attracted deposit increased. The level of non-performing loans stays at low level.

 

Piraeus Bank Romania’s pre-tax profit in H1 2018 advanced to RON 25,1 million, a significant increase compared to the RON 3,8 million recorded during the same period last year.

The total amount of loans increased 3% compared to the similar period of 2017, to RON 3,564 billion. The growth was boosted by the 18% increase in corporate loans and a 21% increase in loans to the SME segment. Corporate loans reached RON 1,307 billion, while loans to SMEs amounted to 706 million RON.

The deposits attracted by the bank reached RON 4,436 billion, showing a 2% increase compared to the same period last year.

Dominic Bruynseels

NPLs past due by 90 days are less than 2.5% out of the loan portfolio registered at 30 of June 2018. The level of NPLs (EBA methodology) is less than 6% of the entire portfolio.

On June 30th the liquidity index, as well as the total capital ratio were at a comfortable level of 164% and 21.4% respectively, significantly above the regulatory requirements.

The financial results achieved in the first half of the year confirm that Piraeus Bank Romania moves forward from a solid base. The Bank has recently undergone a series of beneficial transformations that have already produced results. Our shareholders add to that strength. For the short term we are focusing on those areas in our offer that convey a competitive advantage and help us selectively expand the bank’s market share and increase the agility of the organization. Now we have all the resources needed to better serve our clients and make progress in a sustainable manner,” said Dominic Bruynseels, Executive President Piraeus Bank Romania.

On June 28th 2018 Piraeus Bank Romania was acquired by the US investment fund J.C.Flowers & Co.  It is the first investment the fund makes on the Romanian market and in CEE.

On July 17th 2018 EBRD acquired a 19% stake in Piraeus Bank Romania.

Following these major developments, Piraeus Bank Romania is now owned by two prominent financial entities.

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