Citibank Romania hits net profit worth 85 million lei in 2007

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Citibank Romania hit 85 million lei (23.35 million euros) in 2007 net profit, and an increase by 54% in the net revenues from interests and commissions, reaching thus 210 million lei (some 57.7 million euros), representatives of the bank announced on May 21.
The gross revenues increased by 40%, up to 2.038 billion lei (some 560 million euros).
 
The net profit resulted higher by 45% on the figures in 2006, while the net profit from financial operations grew by 95% as against 2006. This evolution was determined mainly by the increase in the volume of operations with customers, as well as by an increase in the revenues from transactions with treasury.
 
"The year 2007 was the best in Citibank’s history, with such financial results reconfirming the constant development of the bank on the Romanian market and also our strategy focusing first of all on our customer and their financial needs. We estimate we still have a great growth potential both on the corporate and on the individual segments, through developing our network, as well as through launching new products," Citi Country Officer Shahmir Khaliq said.
 
Citibank Romania managed on December 31, 2007, total assets worth 4.145 billion lei (some 1.14 billion euros), that is an increase by 71% as against 2006, with this evolution having been recorded mainly due to the increase in the volume of credits, both on the individual and on the corporate segments.
 
Citi has been present on the Romanian market via Citibank Romania SA. since 1996 and provides such services and products of high quality to national and international small and mediumsized companies, to the public sector, to the non-profit organisations and individuals.
 
Citibank Romania currently holds 8 branches devoted mainly to corporations and 39 CitiFinancial agencies, via which it provides credits to individuals. CitiFinancial also provides services to its customers via the 668 direct sales agents linked to the 50 centres nationwide.
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