Revenues generated by the treasury, amid high volatility on thefinancial markets, rose by 50% against 2008 and largely offset thedecline registered on the commercial operation segment as a resultof the economic recession, says Dorin Badea, head of UniCreditTiriac Bank's treasury.
Last year UniCredit reported a 329 million-RON (78 million-euro)net profit, down 8% against the previous year.
"The treasury had a major contribution to the bank'sprofitability in 2009. The economic decline was apparent in thecommercial operations, in the degree to which clients accessedbanking products and paid for them," says Badea, 30. The revenuesgenerated by the treasury are only partially reflected in incomefrom trading operations, and partially booked in the category ofearnings from interests and commissions, depending on whatgenerated them. In addition, a series of revenues result fromoperations with clients, which other divisions of the bank areinvolved in, as well, with the income later being registeredproportionately.
Badea has been at the helm of UniCredit's treasury since the endof 2008, after Bogdan Mohoc left the bank amid tensions emergingafter the speculative attack on the Romanian currency in Octoberthat year.
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