Local lender Piraeus Bank Romania recorded a gross profit of EUR 3.8 million in the first nine months of the year, compared to losses in the same period of 2015.

The bank cut costs by reducing the number of branches and increasing its operating efficiency.

Its total assets went up by 6% compared to end-December 2015, to EUR 1.67 billion, according to a bank’s press release.

The bank saw an increase of 8% in the deposits of its customers during the first nine months of the year, to EUR 928 million. The corporate loan recorded a similar growth of 8%. The loans for small and medium-sized enterprises went up by 1% year-on-year.

The bank managed its portfolio of non-performing loans, strengthening its parameters of stability and solvency. The solvency ratio after the first nine months of the year amounted to 17.4%.

Piraeus Bank Romania, which has been active for over 15 years in the Romanian market, serves over 300,000 customers.

editor@romania-insider.com