Romanian lender Banca Transilvania’s half-year net profit increased by 47 percent to EUR 40.9 million, compared to the same period last year, while the gross profit of EUR 44 million is 29 percent higher than in the first half of 2011.

“Despite a highly volatile and difficult economic climate, both at local as well as European level, BT performed well throughout the first semester. We are pleased that our expectations and estimated results for this year were proven to be correct. We shall continue to focus on consolidating our market position and on boosting efficiency on all levels”, said Horia Ciorcila, Banca Transilvania’s Chairman (in picture).

The net provision expenses were of EUR 37.4 million, which is below last year’s value for the same period, because of the use of EUR 4 million from the provision established in 2011 for staff performance bonuses. The net loan provision expenses increased from EUR 35.6 million end of June 2011 to EUR 40. 8 million.

The assets of Banca Transilvania reached EUR 6.6  billion by the end of the first semester of 2012 - 12 percent higher than the amount registered at end 2012. This increase was mainly generated by investments in available-for-sale assets, which grew by 30 percent in H1 2012, as well as by the increase in the loan balance.

Ioana Toader, ioana.toader@romania-insider.com