In the first three months of 2011, the bank reported a net profit of around RON53 million. The figures are calculated under IFRS.
Banca Transilvania booked provisions worth RON83.8 million in the first quarter, down 27% from RON114.5 million in the year-earlier period.
Operating profit rose 67% to RON108.5 million, from RON64.8 million in the first three months of 2011.
“It is a healthy increase, just as we have expected,” Board Chairman Horia Ciorcila said in a statement.
The bank said the cost to income ratio was 49% at the end of March, while the solvency ratio stood at 12.73%, above the central bank’s mandatory 10%.
End-March, Banca Transilvania had assets worth RON26.92 billion, up from RON25.8 billion in December 2011. The bank’s loan portfolio was RON16.25 billion.
Non-performing loans amount to 10.3% of total loans.
At its shareholders meeting Friday, Banca Transilvania approved increasing its share capital by RON129.3 million to RON1.9 billion, by capitalizing part of its reserves. Investors also agreed to launch a EUR30 million convertible bond.
Banca Transilvania has a widespread ownership, with European Bank for Reconstruction and Development holding a 14.61% stake, followed by Bank of Cyprus with 9.7%.
On the Bucharest bourse April 26, Banca Transilvania closed up 0.57% at RON1.239 a share. (EUR1=RON4.397)