Banca Transilvania grows net profit while provisions up 64%

Local lender Banca Transilvania posted a gross profit of EUR 23.3 million, while its net profit for the first nine moths of the year stayed at EUR 16.2 million, up 44 percent on the same period of last months. The bank saw its assets up 4 percent during the first nine months, to EUR 4.7 billion. Its loans portfolio managed to increase by 8 percent compared to the beginning of the year. Non-performing loans, with payment delays exceeding 90 days, reached 6.92 percent out of the total loans. The bank's provisions went up by 64 percent in the first nine months, to EUR 287 million. The bank has kept a provisions coverage ratio of 135 percent on non-performing loans, which is a relatively prudent level, according to the bank. Banca Transilvania is listed on the Bucharest Stock Exchange. The bank is owned by the European Bank for Reconstruction and Development (EBRD), with 15 percent of the shares, Bank of Cyprus with 9.5 percent, the SIFs investment funds, private investor Horia Ciorcila with 5 percent, the International Financial Corporation with 3 percent. The rest of the shares are flee floating on the BSE. editor@romania-insider.com