Banca Transilvania profit up 23 pct in Q1 2014

Banca Transilvania recorded a net profit of RON 103.4 million (EUR 23 million) in the first three months of the year, up 22.6 percent compared to the similar period in 2013 when it took in a net profit of RON 84.4 million. Total assets are up 2.7 percent to RON 32.92 billion (EUR 7.3 million).

Net expenses on provisions amounted to EUR 22.6 million in the first quarter. The total value of provisions on account for bad loans was of EUR 577 million at the end of March 2014.

Loans are up 2.5 percent compared to the end of 2013, to RON 19.61 billion (EUR 4.3 billion), while deposits were also up 3 percent during the first quarter, to RON 26.674 billion (EUR 5.9 billion). The bank lent some RON 2.3 billion (EUR 514 million) in the first quarter of the year, in over 22,700 new loans.

The positive result was fueled by cost control activities and increased efficiency the bank said. The bank’s major objective this year is to increase revenues and continue increasing efficiency, as well as focus on the retail segment – loans for individuals and small companies, said Ömer Tetik, general manager of Banca Transilvania

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