However, the fund’s net asset dropped 14.3% to RON1.14 billion at the end of December. SIF Transilvania reported a net profit of RON207.7 million in 2011, more than threefold higher on the year.
In 2012, SIF Transilvania sold 0.43% of its 1% stake in Austria’s Erste Group Bank AG (EBS.RO) and another 0.7% stake in BRD, the local unit of France’s Societe Generale.
The proceeds helped propel SIF Transilvania to the first position in terms of profitability among the five regional investment funds registered in Romania, with a comfortable advantage over its nearest rival, SIF Moldova (SIF2.RO). The latter reported a net profit of RON137.1 million in 2012, down 29% year-on-year.
SIF Moldova had net assets worth RON1.09 billion at the end of 2012, little changed on the year.
Peer fund SIF Muntenia (SIF4.RO) ranked third with a net profit of RON130.6 million last year, double from RON65.3 million in 2011. The fund’s net asset stood at RON1.06 billion, 14% lower on the year.
SIF Banat-Crisana (SIF1.RO) advanced one spot to fourth with a 61% rise in its net profit to RON101.4 million in 2012. Net assets slid 1.3% to RON1.31 billion.
The fifth and last regional fund, SIF Oltenia (SIF5.RO) posted a net profit of RON88 million in 2012, up 5% from RON83.4 million a year earlier. The fund’s assets fell 1.96% on the year to RON1.41 billion. (EUR1=RON4.3894)