Romanian state-owned CEC becomes country’s 4th largest lender after 30% y/y asset growth
Romanian state-owned bank CEC Bank climbed up to fourth place in the ranking of the largest banks in Romania by assets at the end of June 2023, from sixth place at the end of 2022.
The bank thus surpasses ING Bank and Raiffeisen Bank, thanks to the robust rise of its stock of loans: +10% y/y, versus an average rate of 6.4% for the banking system.
The bank’s assets surged by almost 30% y/y, to RON69.1bn or 9.4% of the banking system’s assets.
Previously, in 2021 CEC Bank had surpassed UniCredit and climbed from seventh to sixth place, a position it maintained in 2022.
CEC Bank did not make acquisitions and climbed to the top by expanding its assets, relying on organic growth.
The increase in assets was influenced by the increase in lending. Outstanding loans granted rose by 10% y/y to RON32.25bn (8.6% of the total non-government loans) at the end of June.
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