Romanian lender Banca Transilvania’s (BT) net profit rose by 19.5 percent on the year to 448 million lei ($115.54 million) in 2014, largely matching expectations as operating revenues rose, according to Reuters.com.Raiffeisen analysts had forecast a profit of 442 million lei for Romania’s third biggest lender in terms of assets.
„We will preserve the endeavour to increase efficiency and support the Romanian economy, attentive and cautious to the challenges raised by the current economic environment in Romania and in the neighbouring region,” Horia Ciorcil, Chairman of the board of directors, said in a statement.
At the end of 2014, the bank’s total assets were 35.6 billion, with its loan portfolio balance expanding 5.3 percent.
It said non-performing loans represent 10.9 percent of its portfolio, below the average of the local banking system, while write-offs amounted to 759 million lei in 2014. Net provisions stood at 638 million.
Part-nationalised Austrian lender Volksbanken AG and its partners have agreed to sell their Romanian business to Banca Transilvania, the lender said on Dec. 10. ($1 = 3.8775 lei)
