Intesa Sanpaolo Romania, the local subsidiary of the Italian banking group of the same name reportedly in race to take over Garanti Bank Romania, achieved a net profit of EUR 12 million in 2019, well above the EUR 1 mln result recorded in 2018.

The improvement was influenced by higher operating revenues and lower operational expenses, according to data reported by the parent-group in Milan, local Ziarul Financiar reported.

The Romanian subsidiary reported operating revenues of EUR 47 mln last year, 6.8% higher than in 2018, and reduced its operating expenses by over 9%, up to EUR 30 mln.

The stock of loans reached EUR 900 mln at the end of 2019, 12.5% more than a year earlier. At the same time, the stock of deposits jumped by about 11% year-on-year to EUR 1 bln. As a result, the bank's assets rose to EUR 1.4 bln at the end of 2019, from EUR 1.2 bln at the end of 2018.

editor@romania-insider.com

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