Romania's Banca Transilvania triples net profit y/y in first 9 months to 397m lei after insurer sale

Publish date: 06-10-2008
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Romanian fifth lender by assets Banca Transilvania announced nine-month net profit surged 197 percent over the similar period last year to 109 million euros, after it cashed the money from the sale of insurer Asiban, according to preliminary results.

Some 223 million lei included in the net profit were received from the sale of Asiban, a contribution without which the lender's profit would have been of only 173.5 million lei.

The lender's net income added 70 percent year-on-year in the first nine months to 1.03 billion lei, growing faster than expenses which rose 25 percent to 557.6 million lei.

Assets increased 18.7 percent to 16.47 billion lei, accounting for 85 percent of the whole target on assets for the year. The credit portfolio also advanced 33 percent to 11.55 billion lei at the end of September this year.

Deposits nudged up 19 percent to 12.34 billion lei after the first nine months versus the 10.36 billion lei at the end of last year.

Banca Transilvania, safe from possible effects of international credit crunch

The lender counts minimum mandatory reserves of 850 million euros at the central bank, which is a guarantee that the bank, and also the whole banking system, is safe from effects of the global turmoil on financial markets which led to bankruptcies and slumps.

Also, the lender's capital is 100 percent Romanian, without any international exposure, the lender's head said in a release today. The bank's solvency stands over 12 percent and the loan/deposit ratio is 0.93 which points that there are resources to cover for credits.


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