Banca Transilvania's profit up 60% in Q1

Banca Transilvania logged 60% increase in the Q1 gross profit in nominal terms from the same time last year. The profit growth in real terms was 41.5%. The bank’s gross profit three months through the year amounted to 180.9bn ROL from the 113.4bn ROL in Q1, 2003. The bank’s revenues went up 72% to 520.6bn ROL, while spending rose 75% to 333.9bn ROL. The bank’s assets totalled 16,180bn ROL ($490 million) at the end of the first quarter, up 14% from Q1, 2003. “The results in Q1 give us reason to believe we will continue to be successful, and that the goals set by the General Meeting of Shareholders will be fully achieved,” Robert Rekkers, the bank’s general manager said. The General Meeting of the bank’s shareholders held early last week endorsed the spending and revenue budget for 2004, which projects 31% growth of the gross profit in nominal terms from last year to 730bn ROL. The bank expects total net revenues to amount to 2,256bn ROL, up 45% from 2003, and spending to progress by 50% to 1,472bn ROL. ZF