Romanian UniCredit Tiriac Bank almost triples half-year net profit

Romanian lender UniCredit Tiriac Bank recorded a net profit of EUR 46.2 million in the first half of 2013, up 177 percent over the same period last year, according to the bank. The lender’s revenues also went up 17 percent in the first six months of the year, reaching the total value of EUR 157.9 million, mainly due to higher income from commissions, generated by increasing volumes, and earnings from trading operations. UniCredit Tiriac Bank’s operational expenses reached EUR 73 million in the first half of this year, a year-on-year increase of 2.5 percent, while the gross operational profit also increased by 34 percent over the same period in 2012. At end-June 2013, the bank’s assets reached EUR 5.5 billion, a growth of 7.4 percent over June last year. UniCredit Tiriac Bank’s loan portfolio in the first half of the year stayed almost flat over the same period last year - up 0.7 percent, while customer deposits increased by 10.3 percent. UniCredit Tiriac Bank, part of UniCredit Group, ended the first half of the year with around 2,800 employees and 188 branches. In June this year, the lender raised some EUR 121 million (RON 550 million) from the bank’s first bond issuance, above the initial targeted amount of some EUR 113 million (RON 500 million). Irina Popescu, irina.popescu@romania-insider.com