UniCredit Tiriac Bank posted a net profit of around EUR 40.6 million in 2010, a drop of almost 50 percent from 2009. “Last year was very difficult, due to the legislative changes which put pressure on the Romanian banking market and to the prolonged recession,” says Rasvan Radu, the CEO of UniCredit.

The volume of assets reached almost EUR 5 billion by the end of 2010, while the credit balance volume grew by 12.8 percent last year, to EUR 3 billion.

On the other hand, UniCredit Tiriac Bank has registered a growth of 16.6 percent of the operational profit, reaching EUR 185 million, due to the growth by 8 percent in the operational income. The ratio between costs and income has continued to improve, up to 42.5 percent, from the 46.1 percent in 2009.

The bank has 235 units in Romania and 3,000 employees.

Alexandru Camburu, alex.camburu@romania-insider.com