Banca Transilvania gross profit up

Banca Transilvania ended last year with 540bn ROL (a little above $16.1 million) in gross profit, up from the 437.588bn ROL ($13.8 million) in 2001. Even though last year will be probably remembered as the time when Banca Transilvania was in the spotlight, from EBRD buying into it to the actions behind the scenes and the arrest of Iosif Pop, its former chairman, it still managed to keep an upward trend. The bank’s assets went up $90 million in 2002, reaching $255 million by the end of last year, while the bank’s equity reached $47 million. The equity in 2001 amounted to 1,124bn ROL, some $35.6 million. Banca Transilvania has been increasing its market capitalisation by paying dividends in form of bonus shares ever since its first year on the Stock Exchange. This strategy has enabled the bank to reach more than $70 million market capitalisation at the moment. ZF