Agricover Credit IFN funding, 55 pc higher in 2013

Agricover Credit IFN, the credit division of Agricover Group, granted loans in amount of RON 642 million last year (EUR 145.28 million), 55 per cent higher than in 2012, and reported a net profit of RON 12.07 million (EUR 2.73 million), 8 per cent higher on a year-on-year basis, according to a press release of the company. The operational profit advanced by 30 per cent to more than RON 16 million. The company capitals went up by 15 per cent, to almost RON 92.36 million, and the capital adequacy ratio is about 32 per cent. The company has now 1,300 clients in its portfolio, with 1.2 per cent NPLs (non-performing loans) due for more than 90 days.  “Romanian agriculture becomes increasingly performing but remains underfunded and here comes Agricover Credit IFN, which helps farmers grow. We grant them loans for crops, inputs, machinery, purchases of land and farm expansions, be it business in crops or animal husbandry,”  said Agricover Credit IFN general manager Robert Rekkers in the release. Last year, Agricover Group drew EUR 15 million through its agreement signed cu Black Sea Trade and Development Bank, EUR 7.5 million of which went to Agricover Credit IFN, as well as RON 123 million from local banks.
To these amounts one can add the sums received in 2012, loans from IFC, the investment division of the World Bank in amount of EUR 12.5 million, from the German investment fund EFSE, EUR 8 million, and from local banks, about RON 147 million.

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