Romanias UniCredit Tiriac posts higher 2012 profit, plans bond issue in 2013.

By bne IntelliNews March 19, 2013
Romania's UniCredit Tiriac Bank, controlled by UniCredit group, reported an 11.3% rise in its 2012 net profit to RON 177mn (some EUR 40mn) under the IFRS as well as a 0.7% ROA, according to a statement on its website. The solvency ratio remained sound at 13.5%. The bank is the fifth largest by assets in Romania and its market share has gradually increased from 6.1% in 2009 to 6.9% in 2012. The lender's assets increased 9.8% y/y to RON 25.1bn (EUR 5.7bn) at end-2012, helping the bank improve its position after being sixth largest by assets in 2011. Loan stock increased 9.2% y/y to RON 17.3bn (EUR 3.9bn) at the end of last year. Corporate loans grew steeper than the average - by 12%, and loans to small businesses by 54%. The volume of mortgage loans remained almost unchanged, while consumer loans dropped 10% y/y at end-2012. Customer deposits surged 20% y/y to RON 13.8bn but the loan-to-deposit ratio at the end of the year remained relatively high - at 125%, compared to 104% for the whole banking system. UniCredit Tiriac will issue bonds denominated in euro and in local currency most likely under a medium term notes (MTN) programme, the bank's management was quoted as saying by news agency Mediafax. The maturity would however be shorter than the typical MTN maturity of 7-10 years. The aggregated size of the issues will not exceed EUR 1bn. At this moment, an issue denominated in foreign currency seems more profitable, the bank's CEO Rasvan Radu commented.

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