UniCredit Tiriac Bank nine month profit soars 48 percent to EUR 48.5 mln

Newsroom 12/11/2013 | 15:14

Romania’s UniCredit Tiriac Bank saw its profits grow by 48 percent to EUR 48.5 million in the first nine months of the year against the same period of last year.

The consolidated profits after minority interest of UniCredit Tiriac Bank and UniCredit Consumer Financing, which the lender acquired in January this year, amounted to EUR 46.8 million.

“Although the Romanian economy is growing in 2013, exceeding the estimated rate of other CEE states, the growth is fueled by temporary factors, whose effect will wane down in 2014, when GDP dynamics is forecasted to slow down. The private consumption is slowly recovering, while the overall lending market is stuck, on the back of a high level of non-performing loans,” said Rasvan Radu, CEO of UniCredit Tiriac Bank.

The consolidated operational revenues reached EUR 250 million, while expenses amounted to EUR 118.2 million.

The loan book reached EUR 4.3 billion and deposits totaled EUR 3 billion, driven by individuals and mid-cap companies. The lender said its non-performing loans stand at 10.78 percent, while loan provisioning reached EUR 98.1 million. Its consolidated assets amount to EUR 5.9 billion.

UniCredit Tiriac Bank has 188 branches and the numbers of employees for both operations stand at 3,156.

Ovidiu Posirca

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