UniCredit Tiriac Bank sees net profit fall 8 percent in 2009

UniCredit Tiriac Bank posted a net profit of RON 329 million (EUR 78 million) in 2009, a decrease of 8 percent on 2008, while its operational profit increased by 11 percent on the same year, to RON 668 million. Its operational income grew by 7 percent to RON 1.24 billion. The lender’s total assets rose by 17 percent to RON 20.4 billion, with the credits/deposits ratio reaching 114 percent at the end of 2009. The bank also posted a ROE of 16.5 percent and a ROA of 1.74 percent. The level of deposits attracted rose by 23 percent to RON 10.7 billion.

“It was a difficult year that required significant efforts to manage risk in an appropriate manner rather than increase our businesses, compared with the previous years,” said Rasvan Radu, CEO and executive president of UniCredit Tiriac Bank. The lender improved its credit risk management last year, with almost 3,000 individual loans and some corporate credits being restructured during 2009. Its capacity to cover losses remains high; with operational profit covering 2.6 times net provisions.

The total consolidated assets of UniCredit Tiriac Bank, UniCredit Leasing Corporation and UniCredit Consumer Financing increased by 16 percent last year, reaching RON 23 billion. The consolidated operational incomes of the group also grew by 14 percent, while consolidated operational profit rose by 22 percent.

The bank ended 2009 with a branch network of 241 units and 2,967 employees.”We will build our strategy based on a sustainable growth with the development plan for this year focusing mainly on customer satisfaction,” concluded Radu.

Anda Dragan

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