Citibank Romania, the localsubsidiary of the American financial giant, ended 2010 with a netprofit of around EUR22 million, almost double as much as the 2009result. The figures are calculated according to Romanian accountingstandards.
"The substantial profit increaseis linked to a major base effect as a result of investments made in2009, which were reflected in that year's results. I believe wehave weathered the crisis rather well, but our conservativeapproach to lending has sheltered us from pressure generated by anaccumulation of provisions, so our rate of non-performing loans ismuch lower than the market average," comments Tibor Pandi, generalmanager of Citibank Romania.
He has been at the helm of Citifor just over a year. "It's been a very good year because we havemet our targets related to business consolidation and to the launchof new services (...)"
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