Unicredit Bank Romania recorded a net profit of RON 266.5 mln (EUR 59.3 million) last year, up 20% over 2015, reports local Profit.ro.

The bank’s management has proposed to distribute 47% of last year’s profit as dividends and reinvest the rest of the amount. It is the second year when the bank offers dividends, after a long pause.

The bulk of the money will go to the parent-group, while the minority shareholders will get only RON 2.12 million (EUR 465,000). The minority stakeholders only hold 1.67% of the bank’s shares whereas the Italian group UniCredit SpA holds a 98.3%, after the group acquired a 45% stake from Romanian billionaire Ion Tiriac in 2015.

The bank wants to finance its operations mainly from local resources as the parent-bank had financial problems in Italy. It proposed to launch two new bond issues, each of EUR 500 million.

The operating income of Unicredit Bank Romania increased by 6% to EUR 344 million, while the operating costs rose by 2.2% to EUR 156 million.

editor@romania-insider.com