Romanian Banca Transilvania 9-mo net profit below expectations

Romanian lender Banca Transilvania reported a net profit of 240.2 million lei ($74.73 million) for the first nine months on Thursday, below market expectations, according to Reuters.
The figure compares with a forecast of 281.6 million lei in a Reuters poll and with a 265.4 million lei net profit in the same period of 2012.

The bank’s profit before tax was higher than in the same period of 2012, but the net profit was smaller as the bank no longer benefitted from some tax deductions, some traders said.

“The third quarter was particularly good in terms of our lending activity, the 850 million lei growth versus end of last year being booked mainly between July and September,” said Horia Ciorcila, Banca Transilvania Chairman.

“Our immediate objectives for the forthcoming period reside in the further development of our lending activity, in encouraging lending in RON and supporting start-ups, SMEs and individuals.”

The bank said net provisions stood at 280.5 million lei in January-September, flat from the same period of last year. ($1 = 3.2143 Romanian lei).

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