In 2012, the bank reported a net profit of RON320.4 million.
“We are very pleased with the results. 2013 was a very good year for Banca Transilvania, especially considering that the September-December period was one of the best quarters for the bank’s lending portfolio in the last years,” the bank’s Chairman Horia Ciorcila said in a statement.
Banca Transilvania extended 25,000 new loans in the fourth quarter of 2013, worth a total RON3.2 billion.
On an annual basis, the bank reported a 9% increase in loans to RON19.2 billion in 2013.
The lender’s operating income rose 12% on the year to RON1.66 billion. Net interest income increased 27.3% to RON1.2 billion, but net income from fees and other commissions fell 14.8% to RON361 million.
Operating expenses advanced 5.2% to RON808.8 million at the end of 2013, from RON768 million in the previous year.
The bank’s net costs with provisioning rose 8.7% to RON407.4 million in 2013, from RON340.76 million a year earlier. Non-performing loans were at 12.6% of total loans.
Banca Transilvania’s cost to income ratio improved to 48.7% at the end of December, from 53% in the previous year. The bank reported a solvency ratio stood at 13.78%, above the central bank’s mandatory 10%.
End-December, Banca Transilvania had assets worth RON32.06 billion, up 8.4% from RON29.6 billion in December 2012.
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 Wednesday, Banca Transilvania closed up 0.31% at RON1.64 a share. (EUR1=RON4.4779)