Agricover Credit IFN reached 22 million RON net profit last year, up 28 per cent compared to 2015

Agricover Credit IFN, the non-banking financial institution specializing in financial services for agriculture, announced their net profit registered last year is worth 22 million RON (4.8 million Euro), up 28 per cent compared to 2015.

2017-04-03 00:48:26 - From the Print Edition

The total amount of credits lent in 2016 totalled 988 million RON (219.5 million Euro), a four per cent boost compared to 2015. Their number of active clients reached 1,900, up 12 per cent compared to previous year. "After a difficult year in 2015, we had a very good year in 2016 in terms of business productivity and profitability in agriculture," said Robert Rekkers, general manager Agricover Credit IFN.

"Therefore, we believe that 2017 should be a year of investments for increasing performance. We are still ready to support farmers with specialized solutions for financing any form of investment to increase productivity." The institution′s internal capital in 2016 stood at 148 million RON, up by 18 percent year-on-year. The company attracted new funds in 2016, alongside the already existent lines, to cover the demand for funding by Romanian farmers.

The main new sources of funding in 2016 were the European Investment Bank (the first funding in Romania guaranteed by the European Union under the framework of the European Fund for Strategic Investments in value of 15 million Euro, the European Investment Fund, in value of ten million Euro), the European Fund for Southeast Europe, as well as local banks. For 2017, Agricover Credit aims to increase its customer base and to expand its portfolio in the investment segment. The company also aims to open two new branches to respond to customer requirements.