BT makes 30m-euro net profit in H1

Banca Transilvania (BT) posted a net profit worth 111.4 million RON (30.3 million euros) in the first half, according to preliminary financial results released on Monday. The bank’s six-month earnings are up 40% against the same time last year. In the second quarter of the year, the bank’s profit amounted to 62.1 million RON (17 million euros), up 28% against the same time in 2007. Expressed in euros, the profit climbed by just 13%. “Despite the negative international climate and the circumstances on the capital market, the bank posted positive results, with a focus on consolidation and profitability. We continue to be mindful of the international financial environment and concentrate on the quality of our credit portfolio,” said Robert Rekkers, CEO of Banca Transilvania. In the first half of the year, BT had overall revenues worth 490 million RON (133 million euros), while spending amounted to almost 359 million RON (over 70 million euros).