Romania's UniCredit Tiriac Bank hikes net profit by 31% y/y in the first nine months, to EUR 76m

Romanian lender UniCredit Tiriac Bank posted a 31 percent higher net profit in the first nine months versus the same period in the previous, to 278 million lei (76.4 million euros), following significant advance in revenues, the bank announced.

Its operating revenues stood at 807 million lei in the first nine months, up 28 percent versus the same period in the previous year.The volume of credits assigned by UniCredit Tiriac Bank, including the ones financed by the mother bank, boosted 75 percent year-on-year and reached 15.7 billion lei.

UniCredit Tiriac Bank registered assets of 16.8 billion lei after the first nine months, 49 percent higher compared to the same period last year.

Loans offered to large companies added more than 50 percent in the first three quarters compared to December 2007 and the ones to the population advanced 37 percent. Credits for small and medium-sized companies doubled in the mentioned period.

Clients' deposits hiked 36 percent from September 2007 to September 2008.

The bank spread tentacles through 68 new units in the first nine months, reaching 209 offices, and employed about 500 people since the beginning of the year.

UniCredit Tiriac Bank currently counts some 600,000 clients and more than 210 offices. It provides products and services on the local market through its partners UniCredit Leasing Corporation, CA-IB Securities, UniCredit CAIB Romania, UniCredit Insurance Broker, Pioneer Asset Management, UniCredit Markets and Investment Banking, as well as UniCredit Processes and Administration.

NewsIn