English• Robert Rekkers: "We are confident and ready to face the challenges of 2009"
"Banca Transilvania" saw a net profit of 398,23 million lei in 2008, up 17% YOY, of which: net operating profit 175,73 million lei, and net exceptional profit of 222,5 million lei - obtained from the sale of the stake held in "Asiban" insurance company, according to the preliminary financial results presented yesterday.
Robert C. Rekkers, general manager of "Banca Transilvania", said: "During the last part of 2008 international turbulences left their mark on the Romanian economy. We have carefully managed the circumstances in the market, which also influenced us, and we will continue to carefully monitor risk management, the quality of our loan portfolio, and the efficiency of our resource allocation. We want to be cautious, and as a result, we have maintained and we will continue to have a rigorous provision policy. We are confident and ready to face the challenges of 2009".
Banca Transilvania"s total assets at the end of 2008 reached 17 billion lei, up 22,62% percent as against December 31st, 2007.
In 2008, the bank"s liquidity remained high, with the banking institution holding 3,42 billion lei in minimum reserves with the National Bank of Romania and some 800 million lei in government securities, as of December 31st, 2008. The current value of its investments in state bonds is more than 1.3 billion lei.
The high solvency of Banca Transilvania is a gauge of its solidity, but also a solid foundation needed for overcoming a difficult economic period in 2009, bank"s officials say.
The operating profit for Q4 2008, before the creation of provisions for loans and equities, was 105 million lei, up 20% against Q3 2008, when the bank obtained an operating profit of 87 million lei.
For risk management reasons, in order to get even more protection for the future, the bank increased the level of its credit risk provisions, up to 81 million lei in Q4 2008.
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