The value of its net assets went up by 35% to RON83.5 million, the bank climbing to the third position on the market.
“2023 was another year of growth and transformation for CEC Bank, reconfirming our position as a strong, stable and inclusive bank, well-prepared to face any present and future challenges. We increased our assets by 35% compared to the previous year, thus surging into top three banks on the market. We laid the foundations of the financial group by acquiring 99.993% of the capital share of the Rural Credit Guarantee Fund (RCGF), maintained the pace of transformation and digitization and successfully launched new bond issues under the EMTN Multiannual Program. We continued to be one of the most important financiers of the Romanian economy, both for large companies and SMEs, as well as for individuals, and remained one of the banks that prioritized financial inclusion and took steps to strengthen ESG principles in our organization. I trust that 2024, when CEC Bank celebrates 160 years will mark another successful stage in meeting our strategic objectives,” stated Bogdan Neacsu, CEO of CEC Bank.
Net operating income rose by 11% to RON2 billion from 2022.
The bank improved its operational efficiency through strict control of operating expenses, which increased by 7% year-on-year, while inflation rate for the period stood at 6.6%.
The stock of non-bank customer loans amounts to RON33.2 billion, up 8% against 2022, while deposits attracted from customers stood grew by around 39% to RON72.7 billion.
New loans granted in 2023 to corporate clients exceeded RON8.5 billion.
Over 48,000 Romanian individuals received loans worth RON1.9 billion, intended for real estate investments or for other personal objects.
At the same time, CEC Bank ranked 5th in top primary dealer banks on the government securities market at the end of 2023.
The number of customers who accessed lending products through partial or 100% digital flows doubled compared to 2022, as did the number of customers who accessed online product and service bundles.
The bank’s total capital ratio stood at 24.2% at the end of 2023, slightly down from 2022 (24.7%). The bank also enjoys a solid liquidity position, with the LCR value at 353.45%, significantly up compared to end-2022 (268.3%).
Return on capital was 11.83%, slightly improving from end-2022 (10.95%), on rising operating income and control of operating expenses. Also, the cost to income ratio improved from 54% in December 2022 to 50.5% in December 2023.
(English version by Catalina Apostoiu)