UniCredit Tiriac Bank sees net profit halve in Romania

UniCredit Tiriac Bank ended 2013 with a net consolidated profit of EUR 19.8 million, half of the amount reported the year before. The financial results represent the consolidated report for UniCredit Tiriac Bank and UniCredit Consumer Financing. In 2012, UniCredit Tiriac Bank reported a net consolidated profit of EUR 40 million, up 11 percent year-on-year. The operational revenues were of EUR 337.8 million at the end of 2013, while the operational expenses amounted to EUR 164.5 million. The operational profit was EUR 173.2 million. The assets totaled EUR 6.4 billion, while the loan portfolio reached RON 18.8 billion (RON 21 billion including externalized loans), supported by the 10.6 percent increase in SME loans, 18.4 percent in mortgage and 3 percent in mid-market companies. UniCredit Tiriac Bank ended 2013 with 188 branches, while the total number of employees for the bank and for UniCredit Consumer Financing reached 3,169. In early-January 2013, the Bank acquired a majority stake of UniCredit Consumer Financing, while keeping the 20 percent package of UniCredit Leasing Corporation. “The year 2013 was full of notable events for UniCredit Tiriac Bank, including the issuance of bonds and the acquisition and successful completion of the RBS transfer. […]Regarding the economic environment in Romania, we expect a slower GDP growth in 2014 compared to 2013, with the lending activity still limited and profitability of the banking system still under pressure,” said Rasvan Radu , CEO of UniCredit Tiriac Bank. In accordance with the individual financial statements drawn up by UniCredit Tiriac at the end of 2013, the bank posted total operating income of EUR 313.2 million, up 10.8 percent against the previous year. The operating expenses went up 8.7 percent year-on-year in 2013 to EUR 155.9 million, while the operating profit was EUR 157.2 million, up 13 percent. The bank’s net profit reached RON 75.1 million (some EUR 16.9 million) in 2013, down compared to 2012. The total assets of the bank were EUR 6.1 billion, up 9.6 percent year-on-year, while the volume of loans reached EUR 3.9 billion, slightly up from 2012. UniCredit Tiriac Bank is part of UniCredit Group. In Romania, UniCredit Tiriac Bank is serving around 600,000 active clients, through a network of 188 branches. Irina Popescu, irina.popescu@romania-insider.com