UniCredit Tiriac Bank uses its profit for expansion

Rasvan Radu, Executive President, said the bank’s strategy for 2008 is focused on an increase in profit, rather than expanding the unit network or increasing assets. UniCredit Tiriac’s net profit rose 50.3 percent last year, up to RON 263.1 million (€78.8 mln). “The increase in profit comes from the corporate sector and treasury activity, complies with our objectives, and exceeds the market level,” said Radu.

Gross profit increased 27.1 percent, to €122 mln, determined by a 14.1 percent rise in income and a 4.8 percent increase in operational costs. By the end of 2007, when the bank had 141 units, its total assets were worth €3.8 billion, 10.7 percent higher year-on-year.