Agricover Credit IFN H1 profits gain 20 percent to EUR 1.6 mln on higher lending

Newsroom 30/07/2013 | 11:00

The net profit of Agricover Credit IFN, the non-banking financial arm of Agricover Group, rose by 20 percent to RON 7.2 million (EUR 1.6 mln) in the first half of the year against the same period of last year due to a growing loan book.

The company, which is specialized in agriculture financing, boosted lending by 87 percent to RON 253 million (EUR 57.5 million) in the first semester. The non-performing loans amounted to 1 percent.

Robert Rekkers, general director of Agricover Credit IFN, said: “The first half results confirm our development efforts and of granting tailored services to farmers.”

This June, Agricover Group secured a EUR 15 million loan from the Black Sea Trade and Development Bank (BSTDB), and half of the loan has been allotted to Agricover Credit in fresh lending resources.

Ovidiu Posirca