Banca Transilvania's profit stood at EUR 25.3 million in the first nine months of this year, up 53 percent on the same period of last year, the bank has announced. “Despite the economic context which was still difficult, Banca Transilvania posted results in line with our expectations. The profit, solvability and very good liquidity and the lower provisions are only some aspects of our strategy for this year,” said Robert Rekkers, general manager of Banca Transilvania.

The bank's gross profit was of EUR 34 million, higher than at the end of September 2010. The net expenses with provisioning went down to EUR 91.4 million. The volume of provisions was of EUR 403 million, up from the end of 2010. Of this amount, EUR 69.3 million are supplementary provisions, non-fiscally deductible. Non-performing loans, of more than 90 days, represent 8.67 percent of the total loans portfolio.

Banca Transilvania has doubled its net profit in the first 6 months of this year, of EUR 15.71 million, compared to around EUR 7.5 million registered in the same period last year, according to the institution.

In the first six months of 2011 the income from financial operations rose at Banca Transilvania by 20 percent over the same period last year, while the income from interest increased by 2 percent. The bank’s gross profit in the first half of this year amounts to EUR 20.39 million, while the net profit came to EUR 15.71 million, double than the one reported in the same period of 2010.

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