UniCredit Tiriac: profit up, assets slightly down

Unicredit Tiriac Bank, the domestic branch of the Italian group UniCredit, managed to increase its profit amid a rise in revenues in the first half of the year, despite witnessing a slight decline in assets.
The total revenues of UniCredit Tiriac amounted to 419 million RON (127 million euros) in the first six months of the year, an 18% increase against the same time in 2006. Under the circumstances, the bank’s net profit climbed to 152.3 million RON six months into the year (46.1 million euros), a 30% increase in RON against the gains registered in the first half of 2006. The reported results are according to international accounting standards.
“This is a good start for UniCredit Tiriac Bank, reflecting the fact that we have managed to achieve the main objectives of our agenda,” said Rasvan Radu, executive president of the bank.
UniCredit Tiriac emerged on the market in late June, following the merger between HVB Tiriac Bank and UniCredit Romania, two subsidiaries of the Italian group UniCredit.
At the end of the first quarter, UniCredit Tiriac would have been the fourth-largest player on the market in terms of assets. The bank announced its assets had reached 3.6 billion euros in June. Its “neighbours” in the ranking include Raiffeisen, which has yet to publish its six-month results, while Banca Transilvania announced an increase in assets to 3.15 billion euros, on Tuesday.
BCR, the largest bank in the system in terms of assets, reported net profit worth 403 million RON (129 million euros) in June, calculated according to Romanian accounting standards. At a group level, BCR posted net gains worth 139.5 million euros (according to international accounting standards). The bank’s assets topped 16 billion euros halfway through the year.
BRD remains the second-largest bank on the market, with assets worth 9.8 billion euros. However, the French-based BRD managed to overtake the BCR in terms of profit, reporting net gains worth 417 million RON (133 million euros) six months into the year.