In January-June 2011, the bank reported net profit of RON122.1 million.
The gross profit stood at RON193.2 million in the first six months, 29% higher than RON150.2 million in the year-earlier period, the bank said in its financial statement.
It said the operating income rose 12% to RON772.2 million, fueled by a 21% increase in income from financial operations, a 10% increase of the net fee and commission income, and a 7% rise of the net interest income.
Operating costs were 17% higher, at RON414.6 million, mainly due to the bank’s activity expansion and to the 20% increase in staff expenses due to performance bonuses, the statement reads.
“Despite a highly volatile and difficult economic climate, both at local as well as European level, [Banca Transilvania] performed well throughout the first semester,” said Horia Ciorcilă, the bank’s Chairman. “We shall continue to focus on consolidating our market position and on boosting efficiency on all levels”.
Net risk costs were at RON179.1 million at the end of June, up from RON156.2 million in the same period a year ago.
Banca Transilvania’s assets reached RON28.97 billion at the end of June, 12% higher than the level at the end of 2011. The loan portfolio amounts to RON16.9 billion, while deposits from customers stood at RON22.2 billion.
The cost-to-income ratio was 53% on June 30, while the loan-to-deposit ratio stood at 0.76. The bank’s capital adequacy level stands above central bank’s minimum requirements of 10%, as it reaches 12.1%, including the profit, or 11.1% if the profit is excluded.
On the Bucharest stock exchange Tuesday, Banca Transilvania closed flat at RON1 a share. (EUR1=RON4.5694)