Increasing profit for UniCredit Tiriac Bank in Q1

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The UniCredit Tiriac Bank, which is the local branch of the Italian group UniCredit, recorded a net profit worth 31 million euros in the first quarter of 2009, that is a growth by 47 percent compared with the figure in January-March 2008, Ziarul financiar daily reads on Thursday.

Calculated in lei (the Romanian national currency), the bank’s profit a surge by 68 percent, up to 131 million lei, in Q1 against the same interval last year, while the operational profit saw a growth by 71 percent, up to 194 million lei (45.4 million euros).

Nevertheless, the net bank’s profit suffered because of the increase in the commissions, which totalled 9 million euros in January-March 2009, that is a growth by 2 million on the same period a year before. The cost of risk, calculated as the ratio of commissions to the balance of credits granted, climbed thus from 1.16 percent to 1.22 percent. The results were calculated by observing the international standards of the banks, reads the abovementioned source.

The Romanian Commercial Bank (BCR), which is the largest bank in the system, announced a slump in the net profit by 13.7 percent, down to 330 million lei (77 million euros) on the level of the entire group, with BRD-Groupe Societe Generale having seen its profit falling by 19 percent down to 219 million lei (49 million euros).

Total assets of UniCredit Tiriac Bank stood at 4.4 billion euros in March 2009, that is a growth by 34 percent on March 2008.

The Bank recorded a loss of 4 million euros that were to come from interests, compensated by the increase in the commissions and final operations up to 84 million euros. Only from trading and hedging the bank gained 71 million eurosin Q1.

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