Romanian UniCredit Tiriac Bank posts lower profit

Romanian banking group UniCredit Tiriac Bank, owned by Italian group UniCredit and Romanian businessman Ion Tiriac, posted a net consolidated profit of EUR 11.9 million in the first quarter of 2015, some 26% lower compared to the same period of 2014. The group’s operational revenues were slightly lower, at EUR 83.8 million, while operational expenses increased by 10%, to EUR 44.1 million. The net risk costs related to non-performing loans (NPLs) were similar to those recorded in the first quarter of 2015, at EUR 25.1 million. The group’s total assets were EUR 7 billion, as of March 31, 2015, down from EUR 7.23 billion at the end of December 2014. The total loan portfolio also slightly declined to EUR 5.08 billion. Deposits from clients went down by 11.6%, to EUR 3.15 billion. RBS sells corporate portfolio to UniCredit Tiriac Bank, will exit Romania editor@romania-insider.com