UniCredit Romania concluded the first three quarters of the year with profits of more than 125bn ROL (3.1 million euros).
The bank's results were helped by the sustained investment programme for expansion of its network of branches, which nearly doubled in number last year.
The value of the bank's assets at this stage of the year amounted to more than 12,885bn ROL (322 million euros), up 123% in ROL on the same period for 2003.
Loans granted to clients came to more than 7,250bn ROL (181.2 million euros) by late September, 95% up in ROL from the same point last year.
At the same time, deposits by customers exceeded 6,455bn ROL (161.3 million euros), 101% higher in ROL than in September 2003.
The bank plans to continue with its strategy of organic development by rapidly expanding its network of branches with the backing of its main shareholder, the UniCredit Group, which contributed a further 30 million euros to its capital. This increase pushed the bank's capital to above 2,100bn ROL (52.5 million euros) and brought the UniCredit Group's ownership to 99.94%.
"The new capital increase supports the rapid growth of the bank and our goal to be recognised as leaders in Romanian banking. UniCredit Romania will continue to invest in developing the network of branches that will number more than 80 by 2007," said Giuseppe Merlo, managing director for the bank.
UniCredit Romania currently has 31 branches, 12 of which are in Bucharest. It began operations in Romania in 1997 through the former Demir Bank. The UniCredit Group has invested strongly in its Romanian subsidiary since it took over, having boosted its share capital by 400%.
The bank has recently launched a retail banking product: mortgages for home buying, home extensions or purchasing land. liviu.chiru@zf.ro
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