UniCredit makes EUR 25 mln profit in Romania after six months

Italian group UniCredit’s profit before taxes in Romania dropped by 39 percent, to EUR 25 million in the first six months of the year, while its operational revenues recorded a drop of 9.8 percent, to EUR 144 million, according to the group. The profit before taxes went down by 29 percent in the second quarter of the year, to EUR 17 million. Its net revenues from interest in Romania was down 20 percent, to EUR 92 million, but UniCredit managed to grow its net revenues from fees and commissions by 9.7 percent, to EUR 28 million. The group paid EUR 34 million in salaries on the Romanian market in the first six months of the year, up EUR 1 million on the same period of 2010. UniCredit grew its total loans in Romania by 5.7 percent compared to December last year, to EUR 3.14 billion. The year-on-year growth in loans was of 9.5 percent. Deposits however went down by 17.7 percent on the end of last year, reaching EUR 2.12 billion, while the year-on-year drop in deposits was of 1.8 percent. UniCredit controls local bank UniCredit Tiriac Bank and several financial services companies. The full group consolidated results for the first six months here. editor@romania-insider.com (Photo source: the company)