UniCredit Tiriac Bank posted EUR 16 million in profit for the first three months of this year, down 50 percent on the same period of last year, the bank has announced. “The market situation was difficult for the banking system, given that Romania stayed in depression in the first quarter. The credit risk continued to increase, fueled by the big number of non-payments from companies. WE believe our evolution was satisfactory given these circumstances and we expect the signs of recovery in the second half of this year,” said Rasvan Radu, CEO of UniCredit Tiriac Bank.

The bank accumulated revenues of EIR 75.6 million in the first quarter, which was down 8 percent on the same period of last year.

Its assets reached EUR 5.1 billion, showing an increase of 8.5 percent compared to the end of March last year and at a similar level with the end of last year.