Romania's Unicredit Tiriac Bank hikes net profit 68%

The net profit of Unicredit Tiriac Bank rallied 68 percent to 131 million lei (31 million euros) in the first quarter of 2009 compared to the similar period last year, the lender announced.
Total assets' volume reached 18.5 billion lei (4.4 billion euros) at the end of March, up 34 percent on the same month of 2008.

The lender's credit portfolio, excluding externalized loans, amounted to 12.6 billion lei after the first three months of the year, a 39 percent climb on the first quarter of last year.

Externalized credits included, the balance of credits granted by the bank stood at 17.4 billion lei, making for a 41 percent yearly advance.

Deposits attracted by the bank surged 48 percent to 10 billion lei, leading to a credit to deposit ratio of 126 percent in the first quarter. The cost to revenue ratio amounted to 42.4 percent.

The lender's return on equity (ROE) was computed at 28 percent, while the return on assets was of 2.9 percent.

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