Banca Transilvania posts 180 percent increase in profit

Local Banca Transilvania (BT) lender registered RON 339.9 million (€94.2 mln) in profit in 2007, more than 180 percent higher year-on-year, according to the bank’s financial report, drafted according to Romanian financial reporting standards.

By the end of 2007, the lender’s assets amounted to €3.8 billion, 72.5 percent higher than in 2006, the report shows.

The balance of loans granted by the bank was €2.38 bln, almost double year-on-year. BT clients had deposits totaling €2.05 bln, some 90 percent higher than in 2006.

According to international financial reporting standards (IFRS), profit increased 185 percent, up to RON 309.4 mln (€92.7 mln), compared to RON 108,6 mln (€30.8 mln) in 2006.