UniCredit Ţiriac Bank ended the third quarter with 67 millionRON (almost 16 million euro) net profit, down 6% compared with thesame time last year. Nine months into the year, net profit amountedto 215 million RON (52 million euros), a 15% decline compared with18% in the first half.
Operating revenues exceeded one billion RON (245 million euros)nine months into the year, up 15%, while the credit portfolio roseby 13%, to 13.3 billion RON (3.1 billion euros). Midyear, thelending increase stood at 11%, with the Italian group continuing toapply the strategy designed to boost the loan market share.
On the other hand, operating expenses only rose by 1% in ninemonths, so that the cost/revenue ratio fell to 41.8% from 47.5% ayear ago.
Despite the increase in loan volume, Răsvan Radu, UniCredit ŢiriacBank's CEO says that the prolonged recession is affecting assetquality.
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