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UniCredit profit rises 15%

UniCredit Bank Hungary's after-tax profit rose 14.8% to Ft 21.9 billion in 2007, the bank said.

UniCredit had IFRS consolidated total assets of Ft 1,554.9 billion on December 31, 2007, 16.5% more than twelve months earlier. Stock of client loans rose 30% to Ft 1,033 billion. Stock of client deposits was flat at Ft 745.7 billion, including retail deposits of Ft 297 billion and a further Ft 220 billion in retail investment fund units and securities.

The bank's market share was 6.3%.

Pre-tax profit rose 12.6% to Ft 27.5 billion.

UniCredit's number of retail clients rose to 231,000 in 2007.

Deputy-CEO Bernadett Tátrai said the bank aims to double its number of branches from the current 160 by 2010. She said the three main goals of UniCredit's mid-term strategy are to expand its product portfolio, improve quality and open more branches. The bank will concentrate on high-growth market segments such as mortgage loans and investment funds.

Attila Szalay-Berzeviczy, who heads the bank's custodial committee and is also chairman of the Budapest Stock Exchange, said UniCredit is Hungary's biggest securities custodian, with an 18.1% market share. Last year, the bank had Ft 4,855 billion on its custodial accounts.

Chairman-CEO Mihály Patai said the bank targets a 22% increase in client loans for 2008. (MTI-Econews)