Banca Transilvania, the third biggest local bank by assets, had a net profit of EUR 70.5 million in the first nine months of this year, 3% lower compared to the same period of 2014.

The bank’s operational revenues went up by 1.4%, to EUR 327 million, as the 3.2% decline in net interest revenues (to EUR 186 million) was compensated by an 8.4% increase in net revenues from banking fees.

The operational expenses went up by 17%, to EUR 162 million, due to the expenses related to Volksbank Romania’s integration. However, the net risk costs declined by 18% compared to the first nine months of 2014, to EUR 81.5 million.

“We are pleased with the results of our bank during the first nine months of 2015. We are currently focused on finalizing the integration of Volksbank Romania within the structure of Banca Transilvania, which is to take place at the end of the year,” said Horia Ciorcila, Chairman of Banca Transilvania’s Board of Directors.

The bank’s assets went up by 10.6% compared to December 2014, reaching EUR 8.9 billion at the end of September.

editor@romania-insider.com