AS UniCredit Bank profit in Baltics was 2.3 million EUR in 2009
Press-release
AS UniCredit Bank in the Baltic countries has operated successfully in 2009. According to the audited data the profit after taxes reached EUR 2.3 million. The Bank achieved a strong growth in the deposit portfolio by 109% to EUR 422.6 million, total assets of the Bank decreased by 5% to 1.1 billion EUR, and the loan portfolio shrank by 4% to 865 million EUR.
“Despite the difficult economic situation in Estonia, the year 2009 was very successful for AS UniCredit Bank Estonian branch. The number of customers grew by 140 % yoy, the deposit and loan portfolios increased by 179% and 34% yoy respectively. The growth of loan portfolio is a remarkable result at the times when the whole Estonian credit market showed the decline trend in the year 2009“- said the General Manager of AS UniCredit Bank in Estonia Taavi Laur.
The Chairman of the Management Board of AS UniCredit Bank Ralf Cymanek: „2009 was an extremely difficult year for Estonia, Latvia and Lithuania. The three Baltic states experienced the deepest recession among all countries in the European Union. This has put a double faced pressure on the banking industry. Amidst this difficult economic situation AS UniCredit Bank managed to continue its loans and services, but also new loans. We have proven to be an open and reliable partner for our clients even in difficuoperation and development by providing the full range of corporate banking services for its customers.”
During respective period total revenues of the Bank reached EUR 24 million, which is an increase by 15%. Significant growth in terms of revenues was achieved in Estonia and Lithuania, 90% and 38% respectively.
Effective cost management allowed decrease operating expenses by 3% to EUR 13.1 million. Thus the cost/income ratio of the Bank was 54.8% in 2009, showing improvement over the prior year (64.3%).
Net impairment losses on loansamounted to EUR 7.3 million. Gross operating profit in 2009 amounted to EUR 10.8 million, compared to EUR 7.5 million in 2008.
“We believe that in these challenging times customers experienced clear differences between the banks behaviors. Thanks to the strong backing of UniCredit Group, AS UniCredit Bank managed to stay highly liquid all throughout 2009. We could at any point during the crisis offer our clients individual restructuring options for their lt times. In 2010 we want to continue to grow by providing new loans in all three Baltic countries”, said Mr. Cymanek.
As an evidence of the Group’s support and stimulation of further business activities in the Baltic countries, injection of EUR 18.5 million in the Bank’s capital was decided at the end of 2009 and paid up in January 2010. With a capital adequacy ratio well above 11% the Bank is not only fully compliant with future capital requirements, but ready to continue its growth ambitions.
AS UniCredit Bank operates in Corporate Banking with a head office in Latvia (Riga), two branches in Estonia (Tallinn) and Lithuania (Vilnius) and two more corporate sales offices in Lithuania (Kaunas, Klaipeda).
About UniCredit Group
UniCredit is a major international financial institution with strong roots in 22 European countries as well as representative offices in 27 other markets, around 10,000 branches and approximately 165,000 employees at 31 December 2009.
In the CEE region, UniCredit operates the largest international banking network with around 4,000 branches and outlets.
The Group operates in the following CEE countries: Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
Further information:
Dace Straume
Phone: +371 6 7085 718
Dace Straume
Phone: +371 6 7085 718
Email: dace.straume@unicreditgroup.lv
Updated 683 days ago
