Romanian company Agricover Credit IFN, which specializes in agriculture financing, granted RON 846,5 million (EUR 188.5 million) loans in the first six months of 2016, up by a quarter compared to the same period the previous month, the company announced.

Its net profit amounted to RON 14.6 million (EUR 3.2 million) in this period, up 42% year-on-year. The company also increased the number of clients by 13%, to 1,860 farmers.

Agricover Credit opened a branch in Pitesti in the first half of 2016. The company plans to maintain the growth rate by the end of the year, and open two more branches in Buzau and Constanta.

Agricover Credit was founded in 2008 and is part of Agricover group. It recorded a net profit of over EUR 3.8 million in 2015, up by 5% compared to the previous year.

The company has recently drawn a EUR 15 million financing from the European Investment Bank (EIB).

Irina Popescu, irina.popescu@romania-insider.com