In January through March 2012, the bank reported a net profit of RON91.8 million.
The bank’s overall assets rose 2% to RON30.17 billion in the first three months of the year, from RON29.57 billion at the end of December 2012.
The lender booked provisions of RON75.69 million in the mentioned interval, down 9.6% from the same period in 2012.
“The results are in line with our expectations, considering the economic environment still marred by volatility both locally and in Europe. We are focused on optimizing our business model and our target for 2013 is to boost revenue, efficiency and the market share,” Board Chairman Horia Ciorcila said in a statement.
Banca Transilvania reported operating profit of RON176.09 million, down 8.4% from RON192.39 million in the first three months of 2012.
The bank’s loan portfolio was RON17.65 billion at the end of March. Non-performing loans amount to 11.92% of total loans.
Banca Transilvania’s cost to income ratio was 50.65% at the end of March, while the solvency ratio still stands at 12.2%, above the central bank’s mandatory 10%.
Banca Transilvania has a widespread ownership, with the European Bank for Reconstruction and Development holding a 14.61% stake, followed by Bank of Cyprus with 9.7%.
On the Bucharest bourse, Banca Transilvania last traded at RON1.246 a share. (EUR1=RON4.3237)