UniCredit Tiriac Bank profits drop 43 percent to EUR 24 mln, on H1, 2010

UniCredit Tiriac Bank, posted a net operating profit of EUR 24 million, down 42.8 percent from the EUR 41 million registered in the first half of 2010, according to an official report issued by UniCredit Group. Net interest income decreased by 19 percent, from EUR 115 million in the first half of 2010 to EUR 92 million in the first half of 2011 while net fee and commission income increased by 10.5 percent from EUR 26 million in the first half of 2010 to EUR 28 million. Net trading results improved by 30 percent, from EUR 18 million in the first half of 2010, to EUR 23 million. However, operating expenses increased by 5.2 percent from EUR 69 million in the first half of 2010, to EUR 73 million.

The cost/income ratio stood at 50.5 percent versus 43.8 percent in the first half of 2010. In the first half of 2011, risks costs relative to the average of customer loans amounted to 315 basis points (first half of 2010: 333 basis points).

The volume of customer loans improved by 9.5 percent, from EUR 2,869 million in the first half of 2010, to EUR 3,140 million in the first half of 2011.
Total customer deposits decreased by 1.8 percent, from EUR 2,161 million in the first half of 2010, to EUR 2,123 million.
Total risk-weighted assets (RWA) increased by 14 percent, from EUR 2,970 million in the first half of 2010, to EUR 3,380 million.

UniCredit Tiriac Bank is part of UniCredit Group network, the largest bank group from Central and Eastern Europe and one of the largest in Europe.

Ovidiu Posirca

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