3. UniCredit Tiriac Bank - €78 million
UniCredit Tiriac Bank recorded a net profit of €78 million in 2009, down 8% from a year earlier, according to the International Financial Reporting Standards, on 84% increase in bad loan provisions, from 140 million lei to 257 million lei.
“Last year, we only lent small and medium enterprises that needed working capital, and I think we will continue this strategy this year too. The demand for investment loans will not pick up, at least until the second half of the year. 2010 will be a difficult year for SMEs”, said Rasvan Radu (photo), CEO and chairman of UniCredit Tiriac Bank.
UniCredit Bank’s loan book narrowed 2% in 2009 to 12.1 billion lei, while deposits increased by 23% to 10.7 billion lei.
“Last year, we only lent small and medium enterprises that needed working capital, and I think we will continue this strategy this year too. The demand for investment loans will not pick up, at least until the second half of the year. 2010 will be a difficult year for SMEs”, said Rasvan Radu (photo), CEO and chairman of UniCredit Tiriac Bank.
UniCredit Bank’s loan book narrowed 2% in 2009 to 12.1 billion lei, while deposits increased by 23% to 10.7 billion lei.