Banca Transilvania's profit slumps 60-fold in Q1

Banca Transilvania lender reported a pre-tax profit of 1.02 million lei in first quarter (240,000 euros), down by 98% from 60.26 million in prior-year quarter, the bank announced.

According the earning report, the bank is likely to book a mere 20-million euro profit this year, based on Romanian accounting standards, six-fold lower than a year earlier when the bank posted 128.04 mln euro gross.

“We expect a sharp contraction of annual profit on the back of global economic downturn”, said Horia Ciorcila, chairman of the bank.

Banca Transilvania said its asset volume would stay in the range of 20 bln lei (4.65 bln euros) this year, up 18% from 17 bln euro a year earlier.


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