UniCredit’s Romanian subsidiaries boast 13.1% higher profit in 2019

The Romanian subsidiaries of the Italian UniCredit Group reported a consolidated profit of EUR 132 million in 2019, up 13.1% compared to 2018, while their operating result rose by almost a quarter.

The group operates Romania’s fourth-biggest bank by assets - UniCredit Bank, as well as UniCredit Consumer Financing, UniCredit Leasing Corporation, UniCredit Insurance Broker, UniCredit Leasing Fleet Management and UniCredit Services.

The operating revenues of the six entities summed up to EUR 445 mln, up 8.9% compared to 2018, while the operating expenses increased by 5.9%, to EUR 178 mln. The operating profit thus increased by 10.9% to EUR 267 mln.

The expenses with the loans taken off balance sheet decreased by 13.5%, to EUR 73 mln, therefore the net operating profit rose by 24.2% last year to EUR 194 mln. Other charges and provisions, including EUR 23 mln “systemic charges” (the financial assets tax) resulted in a smaller, 12%, rise in the gross profit to EUR 164 mln.

UniCredit's loan portfolio in Romania amounted to EUR 6.15 bln at the end of last year, 3.6% more than in 2018. Deposits rose by 12.2% to EUR 7.06 bln.

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