Banca Transilvania 1H Net Profit Up 5% To RON190.2M

08.10.2015 By Bogdan Neagu

Romanian lender Banca Transilvania (TLV.RO) Monday posted a net profit of 190.2 million lei (EUR43 million) for the first half of the year, up 5.1% from the same period of 2014.

In January-June 2014, the bank posted net profit of RON181 million.

“The financial results of this first semester are in line with the bank’s strategy, giving way for an optimistic perspective over the whole year. We recorded a consistent growth above market average in terms of lending activities and number of clients,” said Omer Tetik, chief executive officer of Banca Transilvania.

“The increase in business volumes and in cross sell is reflected by the accelerated dynamics of operating income.

The bank said the operating income stood at RON965.5 million, 11% higher compared to RON870 million in the first half of 2014.

At the end of June, the loan portfolio balance was 13.4% higher compared to the end of 2014, at RON22.2 billion even though the loan write-off process continued, Banca Transilvania also said. The total customer deposits were more than 6.2% higher as compared to December 2014, at RON31.9 billion.

“Non-performing loans represent 9.84% of Banca Transilvania’s credit portfolio, falling below the 10% threshold for the first time within the last years,” the bank said.

Total assets reached RON38.6 billion at the end of June, up 8.4% compared to the value at the end of 2014.