Banca Tiriac ended the first nine months of the year with operating profits of 1,144 billion ROL (some 28 million euros), up 17% (in ROL) as compared to the corresponding period of last year.
The bank’s total assets exceeded 24,400 billion ROL (approximately 600 million euros) at the end of September. Compared to September 2003, this indicator saw a nominal growth of 49% (in ROL). In real terms, the increase was in the region of 38%. The bank’s results were calculated in line with the Romanian accounting standards (RAS).
In the same interval, the volume of loans granted by the bank rose 29%. As a result, Banca Tiriac now has a 3.6% share of the lending market. Loans granted to individuals account for 42% of the bank’s total portfolio of credits. “The development of Banca Tiriac sales to individuals in 2004 points to an accelerated growth in demand for credits in euros, but also in ROL. The most popular products were Creditul Acasa (the Home Loan), Creditul Auto (the Car Loan) and MultiCredit (for the purchase of any product or service),” explained Selcuk Saldirak, president of Banca Tiriac.
Deposits by customers grew 33% as compared to the corresponding period of last year, with the bank’s market share for this market reaching 3.6%. The bank’s equity climbed 68% between September 2003 and September 2004. “The attractive rates we offer also increased market share on the market for certificates of deposit, with 11.7% of reserves invested by natural persons in certificates of deposit being saved through Banca Tiriac,” Saldirak said.
The bank has recently launched a long-term (two-year) saving product – a fixed rate certificate of deposit in euros or dollars. Banca Tiriac offers a 5% annual interest rate for euro deposits and 4.5% for dollar deposits.
After the first half of the year, Banca Tiriac ranked tenth among the Romania banks in terms of assets, with 3.11% in market share. In terms of last year’s net profits, the bank comes third in the Romanian banking system.
liviu.chiru@zf.ro