Unicredit Tiriac Bank reports 37% increase in profit for 2008

Lender Unicredit Tiriac Bank posted a net profit of 358.3 million lei (97.29 million euros) in 2008, up 37 percent on the previous year, as the banks' assets advanced at a similar pace of 36 percent, the lender announced, cited by NewsIn.

UniCredit estimates show that the profit for last year calculated according to the International Financial Reporting Standards (IFRS) represented about 10 percent of the consolidated profit on the Romanian banking system.

The bank will use the entire profit for 2008 for capitalization and will not distribute any dividends, according to general manager Rasvan Radu.

The lender's assets reached 17.5 billion lei, 36 percent more than at the end of 2007.

The credit portfolio, including externalized credits to the mother bank of 1.1 billion euros, rallied 53 percent to 16.7 billion lei at the end of 2008. Deposits climbed 31 percent to 8.5 billion lei.

The credits to deposits ratio stood at 145 percent at the end of last year but seemed to be heading downwards, as 95 percent of the external financial of the lender was assured by the mother bank.

The bank's operating profit rose 48 percent on 2007 to 602 million lei.

The corporate division contributed 40 percent to the UniCredit Tiriac revenues, while the retail division only brought 37 percent of the total incomes.

The return on equity ratio (ROE) stood at 21.3 percent, while the return on assets was computed at 2.4 percent. The solvency index resulted in 10.2 percent.

Unicredit Tiriac Bank ended 2008 with 242 units and 3,236 employees.

Unicredit Leasing financed goods worth 555 million euros last year, up 11 percent on the previous year, after inking 15,442 new contracts, the company announced.

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