UniCredit’s profit in Romania down by almost a quarter

Italian group UniCredit saw its consolidated profit in Romania dropping by 23% in the first nine months of this year in Romania, to some EUR 35 million, the group has reported. The group’s profit before taxes was of EUR 44 million, up 41.8% year-on-year. The group managed to lower its provisions on account on bad loans: down 17.6%, to some EUR 93 million. Loans went up by 1.5%, to some EUR 4.52 billion, while deposits were down 2.8%, to some EUR 2.96 billion. The group’s revenues from interest rates stagnated to some EUR 154 million, while revenues from taxes and commissions were down 4.2%, to some EUR 52 million. End-September, UniCredit had 185 bank units in Romania, down from 199 units one year ago. UniCredit group controls 51% of UniCredit Tiriac Bank, one of the top 5 banks in Romania by assets. Romanian businessman Ion Tiriac holds 45% of the bank’s shares and the remaining 4% are owned by other local investors. editor@romania-insider.com