Banca Transilvania's profit climbs 44%

Banca Transilvania (TLV stock exchange symbol), the biggest Romanian-held private bank, posted a 69.7 million-RON (16.3 million-euro) net profit in the first nine months of the year, 44% higher than in the similar period of last year.

In the first nine months of the year, the bank’s operating revenues amounted to 1.104 billion RON, up 17% on the similar period of last year. At the end of September, the bank had a volume of loans of 13.173 billion RON, up 8% against the beginning of the year, with the biggest share (around 60%) being held by loans granted to companies. Non-performing loans, more than 90 days overdue, account for 6.92% of the overall loan portfolio. The bank’s solvency ratio is 12.33%.

“We were very careful about the provision policy and the risk management, as well as about cost control, our focus continues to be to meet 2010 targets, although another difficult period is coming,” said the bank’s CEO Robert Rekkers.

For this year, the bank has budgeted a 150 million-RON profit.