The loan-loss provisions set aside by state-held CEC Bankdoubled last year to 336 million RON, "eating" into the 2009profit, said Radu Ghetea, chairman of the bank when he presentedthe financial results for 2009.
The bank recorded a pre-tax profit of 50 million RON (12 millioneuros), 10.9% more than in 2008, excluding the one-off income fromselling the 25% stake in Asiban.
Ghetea did not wish to reveal the level of the net profit beforethe audited results, specifying that it would be very close to thepre-tax result, with the bank still benefiting from a tax creditfrom 2008.
CEC's interest-rate revenues climbed by 47% last year against 2008.The cost/income ratio deteriorated from 59% to 63%, despite theclosing of 67 branches, but amid a rise in the number of employees,of ATMs and of active cards. Deposits attracted by CEC last yearclimbed 22%, being one of the factors that generated the rise inassets. Assets surged by 53.6%, to 20.9 billion RON, bringing thebank to no. 5 on the market based on this indicator.
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