Romanian lender Banca Transilvania reported a stagnating profit in the first half of this year, of some EUR 41 million, while its assets were up 2 percent, to some EUR 6.8 billion.

“The first half of the year for Banca Transilvania went according to our beginning of the year expectations and we are confident we will fulfill the budget pledged to the shareholders for 2013. We managed to achieve a substantial profit, even if the economic context remains difficult.” said Horia Ciorcilă, president of Banca Transilvania.

With non-performing loans at almost 12 percent of the bank's portfolio, the provisions for loans was slightly up to some EUR 497 million after the first half of the year.

The total volume of loans was of EUR 4 billion after six months, and was mostly made of loans in RON, with a 64 percent rate of corporate loans. Deposits were at EUR 5.4 billion at the end of the first half of the year.

Banca Transilvania's largest shareholders are the European Bank for Reconstruction and Development (EBRD), with 14.6 percent of the shares, and Bank of Cyprus, with 9.9 percent. The bank's shares are floating on the Bucharest Stock Exchange, where it has a capitalization of some EUR 620 million.

editor@romania-insider.com

(photo source: Corina Chirileasa/Romania-Insider.com)