Romanian lender UniCredit Tiriac Bank made a EUR 6 million net profit in the first quarter of the year, down 26.6 percent on the same period of 2011.

“The results in the first three months of the year registered a good evolution, despite the slowdown of the economic activity in Romania. […] We focused more on RON lending and we hope this tendency to normalize the banking market will continue,”said Rasvan Radu, CEO UniCredit Tiriac Bank.

The lender's assets, some EUR 5.1 billion, were 2.5 percent below the level at the end of 2011, but up 17.5 percent compared to the end of March last year.

The bank's provision expenses were up 25 percent in the first three months of 2012, compared to the same period of 2011, but stayed at a similar level as in the last two quarters of 2011.

editor@romania-insider.com