Citibank Romania, the local subsidiary of the American financial giant, ended 2010 with a net profit of around EUR22 million, almost double as much as the 2009 result. The figures are calculated 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. 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," comments Tibor Pandi, general manager of Citibank Romania.
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 (...)"
Citibank Romania, the local subsidiary of the American financial giant, ended 2010 with a net profit of around EUR22 million, almost double as much as the 2009 result. The figures are calculated 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. 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," comments Tibor Pandi, general manager of Citibank Romania.
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 (...)"
