UniCredit Tiriac Bank Net Profit Rises 30% in H1

UniCredit Tiriac Bank posted a net profit of 152.3 million RON in the first half of 2007, recording a 30% increase as compared to combined H1 2006 net profit of former HVB Tiriac Bank and UniCredit Romania. The bank"s gross profit was 185 mln RON, increasing by 35.8% YoY.

At the end of H1 2007, the Bank"s total revenues went up by 18%YoY reaching 419 mln RON and operating income grew by 27% reaching 220 mln RON. The value of total assets amounted to 11.303 billion RON, with a slight decrease by 4.2%YoY as compared to H1 2006 mainly due to RON appreciation.

The Return-on-Equity after tax was 23.4%, the cost/income ratio was 47.5%, while the income per employee indicator reached 344,000 RON, 18.1% more YoY. At the end of June 2007, UniCredit Tiriac Bank had 593,475 clients, 9.7% decrease Yoy mainly due to the closure of dormant accounts.At the end of June 2007, total deposits reached 5.2 bn RON, 7.9% YoY growth. The Bank"s gross loans portfolio was 6.3 bn RON, up 1.5% YoY.

UniCredit Tiriac Bank consolidated its leading position in the real estate financing in July 2007 by signing joint-venture agreement with Pirelli RE, one of the biggest companies in European real estate field.

UniCredit Tiriac Bank is one of the most important players on the Romanian banking market, with total assets of EUR 3.6 billion, and 136 branches in 38 counties. UniCredit Tiriac Bank offers a wide range of specialized products and services through its partners UniCredit Leasing Corporation, CA-IB Securities, CA-IB Romania, HVB Insurance Brokers, Pioneer Asset Management, UniCredit Markets and Investment Banking, UniCredit Produzzioni Accentrate and HVB Banca Pentru Locuinte.