Piareus Bank Romania, controlled by US investment fund J.C.Flowers & Co, said it recorded a pre-tax profit of RON 25.1 million (around EUR 5.1 million) in the first half of 2018 compared to a result of RON 3.8 million in the same period of last year.

The bank’s loan book increased by 3 pecent year-on-year to RON 3.5 billion, mainly due to higher lending in the corporate and SMEs segments. Corporate loans reached RON 1.3 billion, while loans to SMEs amounted to RON 706 million.

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

“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.

The bank’s liquidity index, as well as the total capital ratio stood at 164 percent and 21.4 percent respectively, significantly above the regulatory requirements.

One June 28, J.C.Flowers & Co took over the bank, marking the entrance of the investment fund in Romania and the Central and Eastern Europe region.

On July 17, the European Bank for Reconstruction and Development purchased a 19 percent stake in the lender.

The bank operates 100 branches, employs 1,200 professionals and has approximately 130,000 active clients.

 

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