- 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 25,1 million lei, a significant increase compared to the 3,8 million lei 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.
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.
Dominic Bruynseels, Executive President Piraeus Bank Romania said:
"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.
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.
About Piraeus Bank Romania
Based in Bucharest, Piraeus Bank Romania provides a broad range of products and services for both domestic and international clients, including retail, SME and corporate banking services.
PBR operates 100 branches, employs 1200 professionals and has approximately 130, 000 active clients.
For more information, please visit www.piraeusbank.ro.
About J.C. Flowers & Co
J.C. Flowers is a leader in private equity investment services specializing in investments in the financial industry. Founded in 1998, J.C. Flowers has invested more than $15 billion in 53 portfolio companies across 18 countries, in many sub-sectors of the financial services industry: banking, insurance, reinsurance, specialized financial services and asset management services. Managing assets worth approximately $6 billion, J.C. Flowers has offices in New York and London. For more information, please visit www.jcfco.com.
Bucharest, August 2nd 2018.