BT targets 84.5m-euro gross profit

Banca Transilvania (BT), the second largest player in the banking system in terms of the size of its assets, has budgeted a gross profit worth 300 million RON (84.5 million euros) for this year, up 31% in RON against last year. Initially, the bank had announced a profit growth target of “at least” 25%. The budget for this year has been published on the bank’s website, and awaits approval at today’s General Meeting of Shareholders. Assets should climb by around 40% and reach 5.5 billion euros by the end of the year. The bank is considering an average exchange rate of 3.55 RON per euro this year, which coincides with the level predicted for the end of the year. Robert Rekkers, CEO of BT, was not available for comment on Sunday, however, at the time when plans to boost profit by 25% were announced, Rekkers told ZF that the goal was an “extremely ambitious” one, amid trouble on the international markets. BT has budgeted a 41% increase in operating revenues, which is expected to reach 1.19 billion RON (335 million euros). Operating expenditures will, however, climb at a faster rate, by 46% and reach 894 million RON (252 million euros).