Americans at Citi make EUR22m profit in 2010

Citibank Romania, the local subsidiary of the American financial giant, ended 2010 with a net profit of around EUR22 million, almost double as much as the 2009 result. The figures are calculated according to Romanian accounting standards.

“The substantial profit increase is linked to a major base effect as a result of investments made in 2009, which were reflected in that year’s results. I believe we have weathered the crisis rather well, but our conservative approach to lending has sheltered us from pressure generated by an accumulation of provisions, so our rate of non-performing loans is much lower than the market average,” comments Tibor Pandi, general manager of Citibank Romania.

He has been at the helm of Citi for just over a year. “It’s been a very good year because we have met our targets related to business consolidation and to the launch of new services (…)”