Casa de Economii si Consemnatiuni (Romanian Savings Bank-CEC) in H1 this year made 604bn lei in gross profit, up 15.64% compared with the year ago period. In real terms, that is if considering the trend of the ROL/USD exchange rate, the gross profit actually dropped from $24.45 million in H1, 2000 to $20.71 million this year.
Total revenues went up 10.22% from 4,333.9bn lei to 4,776.8bn lei in nominal terms, whereas in real terms, they dropped nearly 25%, that is from $202.9 million to $163.8 million.
The expenses increased at a slower pace than the revenues, that is 9.485% compared with 10.22%.
CEC's total assets amounted to 26,728bn lei ($916 million) at the end of June. In nominal terms, the assets increased by 32.8% since June 30, 2000.
CEC's placement balance amounts to 22,878.7bn lei, that is $784 million. Equity capital registered a substantial increase of 75.23% in nominal terms and of 38.7% in real terms (dollars) respectively.
CEC's equity capital reached 2,905.2bn lei ($99.6 million) at the end of June, compared with 1,657.9bn lei ($77.6 million). Equity capital comprises CEC's share capital and reserves. CEC's share capital maintained at 642bn lei.
The results considered, the financial profitability rate and economic profitability one registered slight decreases. The financial profitability rate, that is the net profit/equity capital ratio fell to 15.69% from 21.64%. The economic efficiency rate, namely the net profit/total assets ratio amounted to 1,83% compared to the previous 1.93%.
Whereas CEC's earnings in real terms decreased, the solvency ratio went up to 77.54% from 71.55% (solvency ratio 1), while the solvency ratio 2 went up from 72% to 77.71%.
According to the banking regulations, solvency ratio 1 has to be higher than 12% and solvency ratio 2 has to be higher than 8%.
CEC is fully state-owned and is currently undergoing restructuring. It will most certainly become a commercial bank and lose full state's warranty for the deposits made by clients.
Total deposits made by natural persons reached 19,795.7bn lei ($678.8 million) in late June 2001, while the total deposits made by legal persons reached 1,291.7bn lei ($44.2 million).
One thing should be noted, though. The total deposits made by natural persons went up 29.88% compared with June 30, 2000, while the total deposits made by legal persons increased by a higher percentage, that is 75.23%.
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