COMPARED TO JUNE 2011, The profit of Banca Transilvania grew 47%

In the first semester, Banca Transilvania (BT) saw a net profit of 179.62 million lei, up 47% YOY, according to a report by the lender. In the first semester, the gross profit of BT was 193.22 million lei, up 28.6% compared to the end of June 2011.

The operating revenues climbed 12% between June 2011 - June 2012, to 772.16 million lei, due to the 21% increase of revenues from financial operations, 10% of net commission revenues, and 7% of net interest revenues, according to the press release.

The operating expenses of the bank also grew to 414.58 million lei, at the end of the first quarter, compared to 354.75 million lei, during the corresponding period of last year. The increase was caused by the expansion of activity, as well as by the 20% increase in employee costs, due to the payout of performance bonuses, the bank's officials explain.

Provisions expenses fell compared to June 2011, down to 164.36 million lei, after using 18 million of the provisions set up last year in order to grant performance bonuses to employees, they said. The net expenses with loan provisions amounted to 179.13 million lei, in H1 2012, compared to 156.22 million lei, in H1 2011.

The cost/revenue ratio was 53%, at the end of last month, according to the press release of BT.

The assets of the lender increased 12% since the beginning of the year, to 28.968 billion lei, following the investments in assets available for sale, which climbed 30% over the same period, reaching 7.535 billion lei, as well as the increase in the volume of loans. At the end of June, it stood at 16.933 billion lei. Loans granted to companies, represent 64.03% of the total loan portfolio, with the remaining amount being individual loans.

Non-performing loans represent 10.48% of the total loan portfolio, the bank announced.

Provisions increased to 1.91 billion lei, in the first semester, from 1.66 billion lei, at the end of the year, leading to a non-performing loans coverage ratio of 107.7%, according to the communiqué. Credit risk cost in June 2012, was 179.13 billion lei.

The value of deposits increased 9% in the first six months of the year, reaching 22.173 billion lei. The loan/deposits ratio remained below 1, at 0.76%, whereas solvency was 12.12% (profit included), and 11.4% respectively (profit excluded), BT informs.

The number of active customers of the bank increased to 1.56 million, compared to 1.46 million, at the end of last year. The number of customer operations increased 11.7% compared to June 2011, to 106.68 million.