Romanian lender Banca Transilvania's activity in the first quarter of the year brought it a 73 percent higher profit, to some EUR 21 million. The bank managed to cut its provisions – usually the indicator with the biggest impact on banking results during tough periods, when clients have problems in paying back loans.

“Our growth was healthy during the first part of the year, as we intended. As a local bank, our main focus is to consolidate our position in the Romanian banking system. Efficiency, market share increase and of our market value will be our priorities in the future too,” said Horia Ciorcilă (in picture), head of the board with Banca Transilvania, its founder and now minority shareholder.

The bank's assets slightly increased, to some EUR 6.1 billion. Non-performing loans make 10.3 percent of the bank's total loans.

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 and the International Financial Corporation with 3 percent.

editor@romania-insider.com