Banca Transilvania raises threefold nine-month net profit

Thus, 223 million lei net profit is the funds received for a quarter of Asiban insurer’s shares.

Without this contribution, Banca Transilvania’s operating profit amounted to 173.5 million lei in January-September interval 2008, 30% more than first nine months of 2007.

Bank’s net incomes rose 70% in the aforementioned interval, up to 1.03 billion lei, at a faster pace than expenditures that rose 25% to 557.6 million lei.

BT’s balance of assets amounted to 16.47 billion lei, up 18.7% compared to December 31, 2007 when it amounted to 13.88 billion lei. Thus, the bank managed to make in first nine months 85% of the assets level targeted for entire year.

The bank’s credit portfolio climbed to 11.55 billion in late September this year, up 33% against late 2007.

Volume of drawn deposits rose 19% up to 12.34 billion lei or 10.36 billion a year earlier.

“The bank registered positive outcome in first nine months and we are confident. We focused on liquidities, risk management and balance, in order to provide an ongoing healthy growth of the bank,” said Banca Transilvania’s managing director, Robert C. Rekkers.

Banca Transilvania holds 850 million euros compulsory minimum reserves at NBR

Rekkers says Romanian banking system is not “dramatically affected by the international context” reminding on the overall minimum reserves that banks hold in National Bank of Romania.

“As for Banca Transilvania, there is no business exposure at international juncture, as it is a company with Romanian capital. We hold 850 million euros in compulsory minimum reserves in NBR. Shareholders endorse us, including the major stockholder European Bank for Reconstruction and Development that holds 15% of the common capital, which has constantly supported us with capital and funding programs,” BT’s managing director added.

Rekkers says the bank “will closely follow any opportunity that may emerge in the actual juncture that can spur the institution’s value”.