While other Romanian banks have struggled to record growth, Banca Transilvanaia has announced a big increase in profits in the first nine months of 2012. Net profits for January – September 2012 reached nearly EUR 60 million, a 30 percent increase on the same period last year. Total assets are currently just under EUR 6.4 billion, a 12 percent rise on the end of 2011.

“The Q3 financial results confirm our expectations and we show a positive trend, despite adverse market condition. We are optimistic about achieving our targets for the current year, even if we remain cautious and aware of extremely difficult local and international economic climates,” said Chairman of the Board of Directors of Banca Transilvania Horia Ciorcilă today (October 29 ).

Operating profit was up 14 percent and gross profit up 8 percent on this time last year. Operating incomes rose, by 13 percent, but the bank's operating costs were also up – some 12.5 percent higher than in the first nine months of 2011.

Banca Transilvania also warned that following an audit, credit risk costs have risen by nearly EUR 9 million. Around 45 percent of these costs were included in the January – September budget, while the remaining 55 percent will come in Q4, 2012.

Liam Lever, liam@romania-insider.com