UniCredit Tiriac Bank net profit, down by almost 27 pc in Q1

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UniCredit Tiriac Bank ended first quarter with a consolidated net profit before minority interest of RON 52.8 million (EUR 11.9 million), down by 26.8 percent, compared to the same period of the last year, when posted RON 72.1 million, according to a press release. On the same time, the net profit amount RON 37.3 million, down 41.6 percent versus Q1 2014.

The annualized cost of risk is 219 bp, provision coverage is 10.14 percent and the non-performing-loans ratio (90+ days past due and loans with legal actions initiated) is 12.33 percent.

The operational expenses for the same period were RON 167.7 million slightly down compared to last year result, leading to a cost-to income ratio of 54.8 percent up by 5.3 bp versus last year result.

However, Rasvan Radu, Country Chairman of UniCredit in Romania and CEO of UniCredit Tiriac Bank is still optimistic.

„2015 started off well, and our first quarter results prove the fact that UniCredit is conducting a sustainable business in Romania and is actively getting involved in financing the economy, both by collaborating with big corporates and SMEs and by answering the banking needs of private individuals,” Radu said.

Total assets as of March 2015 are RON 27.1 billion down 5.5 percent versus year-end 2015. Gross loans reached RON 18.6 billion down by 1.6 percent year-to-date, while deposits are RON 14.2 billion down 12.4 percent versus December 2014.

Regarding the value of the UniCredit Tiriac Bank average balance of the EU funds’ used amounts went up by 21 percent in Q1 2015, comparing with the same period of last year.

According to the quoted document, from the total of the financing granted through UniCredit Tiriac Bank to its EU funds segment, approximately one third are directed to the agricultural field. Until 31st of March 2015, over 300 SMEs received banking financing of over EUR 80 million as part of the guarantee agreement signed by the bank and the European Investment Fund, the Jeremie Initiative, the amount being double than the one registered on 31 March 2014.

Consolidated revenues were at RON 372.9 million (EUR 83.8 million) for the reported period.

UniCredit ended the reported period with 183 branches and 3,337 employees in Romania.

 

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