In 2011, the bank reported a net profit of RON228.5 million. The figures are calculated under IFRS.
“We are very pleased with last year’s results. The higher number of active clients, alongside record numbers of banking operations and a good performance of several business lines have contributed to a strong consolidation of our market status,” Board Chairman Horia Ciorcila said in a statement.
He said the bank would recommend capitalizing the 2012 profit to fuel growth into 2013 as well.
Banca Transilvania reported operating income of RON1.53 billion in 2012, up by 10% from the previous year. Net income from financial operations rose 12% on the year, while revenues from fees and interests were up 15% and 5%, respectively.
Expenses advanced 10% on the year to RON816.3 million, on higher investment costs and losses related to the leu/euro exchange rate.
The bank’s operating profit rose 9% to RON720.2 million, from RON659 million in 2011. Banca Transilvania said it has benefited from a series of fiscal facilities last year following the implementation of prudential filters under the central bank’s Order 29/2011.
The bank’s net costs with provisioning slid to RON379.4 million in 2012, from RON380.8 million a year earlier.
Banca Transilvania’s cost to income ratio was 53% at the end of December, while the solvency ratio stood at 12.34%, above the central bank’s mandatory 10%.
End-December, Banca Transilvania had assets worth RON29.57 billion, up 15% from RON25.8 billion in December 2011. The bank’s loan portfolio was RON17.15 billion.
Non-performing loans amount to 11.31% of total loans.
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 Monday, Banca Transilvania closed up 1.33% at RON1.443 a share. (EUR1=RON4.3998)