Banca Transilvania posts 8.4m-euro Q1 profit

Banca Transilvania posted a gross profit worth 8.4 million euros (30.7 million RON) in the first quarter of this year, 35% more in euros against the similar period of 2005. The profit before the setting up of provisions stood at 11.3 million euros (40.5 million RON), a 52% increase against the first three months of last year. Total assets of the bank increased by 11.4% in euros, reaching almost 1.5 billion euros (5.26 billion RON). For this year, Banca Transilvania budgeted a gross profit worth 37.7 million euros (132 million RON at an average exchange rate of 3.5 RON/EUR), 24% more against the gross profit seen in 2005. According to the spending and revenue budget approved by the bank”s shareholders, total revenues should reach 146 million euros (515 million RON) in 2006, against the 107 million euros (387 million RON) in 2005. Shareholders of Banca Transilvania also approved this year”s investment programme, which is worth over 30 million euros. Out of this sum, 25 million euros account for the bank”s own investments, which will mainly be used for opening new branches and for modernising the IT network by acquiring new equipment and software. ZF