Citibank Romania Posts Double Profit In 2010, At EUR22M

05.19.2011 ZF English

Citibank Romania, the local subsidiary of American financial giant Citigroup, ended 2010 with a net profit of around EUR22 million, almost double the 2009 result, according to Romanian accounting standards.

"The substantial profit increase is linked to a major base effect as a result of investments made in 2009, which were reflected in that year's results," says Tibor Pandi, chief executive of Citibank Romania.

"I believe we have weathered the crisis rather well, but our conservative approach to lending has sheltered us from pressure generated by an accumulation of provisions, so our rate of non-performing loans is much lower than the market average," Pandi also says.

He has been at the helm of Citi for just over a year.

"It's been a very good year because we have met our targets related to business consolidation and to the launch of new services."