Ph D Andrei RĂDULESCU

tranzactiibursiere.ro
  • No tags were found...

BRK PowerPoint Presentation - Portal SSIF Broker

Ph. D. Andrei RĂDULESCU

2 nd of May 2013


• During 1Q 2013 the domestic banking sector was

confronted with the deterioration of the portfolio of loans

and with the low demand for loans, in the context of the

adjustment of the balance sheets but also of the

persistence of a tough climate at the real economy level

(especially for the population);

• One can notice the divergent evolutions of the RON and

FX non-government loans during 1Q, also determined by

the evolution of the EUR/RON;

• The non-government loans rose by only 0.1% yoy during

1Q to RON 223.3bn, as the positive evolution of the RON

component (up by 4.5% yoy to RON 84.4bn) was offset

by the decline of the FX component (by 2.3% to RON

139.0bn).

1


• On the one hand, the RON denominated non-government

loans (representing 36% of total at the end of March) rose

by 4.5% yoy during 1Q …

• as the increase of the corporate loans (by 8.9% yoy) …

• counterbalanced the decline of the household loans (by

1.5% yoy).

2


• On the other hand, the FX denominated non-government

loans contracted by 2.3% yoy during 1Q …

• as the corporate loans declined by 3.7% yoy …

• while the household loans decreased by 0.8% yoy.

3


• The government credit contracted for the second month in

March, by 9.6% yoy, evolution determined by the

improvement of the risk perception regarding the financial

investments in Romanian Bonds (reflected by the

important decline of the cost of financing).

4


• The interest margins applied by the credit institutions

presented divergent evolutions during 1Q, as the

deterioration of the credit portfolio and the unfavorable

evolution of the demand for loans were partially offset by

the improvement of the domestic macro-financial risk

perception but also by the NBR liquidity policy;

• For the RON denominated loans / deposits the interest

margin rose by 0.67 pp yoy to 6.35% for the outstanding

component and by 0.52 pp yoy to 5.22% for the new

business component.

5


• On the other hand, the EUR denominated loans / deposits

interest margin declined by 0.63 pp yoy to 2.27% for the

outstanding component and by 0.38 pp yoy to 2.14% for

the new business component;

• However, one can notice an increase of the margins

compared to 4Q 2012, especially for the new business

component (up by 0.42 pp qoq to 2.14%), evolution

determined by the Cyprus related tensions.

6


• The overdue loans ratio increased to 13.6% at the end of

March, a strong acceleration in a short period of time (up

1 pp ytd) expressing the persistence of a tough climate in

the domestic banking sector (with consequences for the

real economy) in the short-run.

7


• The overdue loans ratio increased to 13.6% at the end of

March, a strong acceleration in a short period of time (up

1 pp ytd) expressing the persistence of a tough climate in

the domestic banking sector (with consequences for the

real economy) in the short-run.

8


• This analysis is for information purposes only and (i) does not constitute or form part of any offer for sale or subscription of or solicitation of

any offer to buy or subscribe for any financial, money market or investment instrument or any security, (ii) is neither intended as such an

offer for sale or subscription of or solicitation of an offer to buy or subscribe for any financial, money market or investment instrument or

any security nor (iii) as an advertisement thereof. The investment possibilities discussed in this report may not be suitable for certain

investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. The

investments discussed may fluctuate in price or value. Investors may get back less than they invested. Changes in rates of exchange may

have an adverse effect on the value of investments. Furthermore, past performance is not necessarily indicative of future results. In

particular, the risks associated with an investment in the financial, money market or investment instrument or security under discussion is

not explained in their entirety.

• This information is given without any warranty on an "as is" basis and should not be regarded as a substitute for obtaining individual

advice. Investors must make their own determination of the appropriateness of an investment in any instruments referred to herein based

on the merits and risks involved, their own investment strategy and their legal, fiscal and financial position. As this document does not

qualify as an investment recommendation or as a direct investment recommendation, neither this document nor any part of it shall form the

basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. Investors are

urged to contact their bank's investment advisor for individual explanations and advice.

• Neither SSIF Broker SA nor any of its respective directors, officers or employees nor any other person accepts any liability whatsoever (in

negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection

therewith.

• This analysis is being distributed by electronic and ordinary mail to professional investors, who are expected to make their own investment

decisions without undue reliance on this publication, and may not be redistributed, reproduced or published in whole or in part for any

purpose.

• Responsibility for the content of this publication lies with:

• SSIF Broker SA, 16 SplaiulUnirii, 8th floor, Room 802-804, Sector 4, Bucharest, Romania. Authority responsible for the supervision of

SSIF Broker SA is the Romanian National Securities Commission (www.cnvmr.ro). This analysis is presented in accordance with

Regulation no. 16 regarding recommendations for investments in financial instruments.

• All materials presented in this analysis, unless indicated separately, are under the copyright of SSIF Broker SA. None of the materials or

content or any copy thereof may not be modified, transmitted, copied or distributed to any other party, without the permission of SSIF

Broker SA. All trademarks, service marks and logos used in this analysis are trademarks or service marks or registered trademarks of

SSIF Broker SA. Downloading the materials provided by SSIF Broker SA, without quoting the source is prohibited and punishable by law.

9

More magazines by this user
Similar magazines