Banca Transilvania triples its profits

BT is fourth in terms of total assets in the local banking system. Its financial results were significantly influenced last year by the sale of 90 percent of its BT Asigurari insurance division shares to French insurer, Groupama, for €90 mln.

The bank granted loans in 2007 worth a total RON 8.56 bln (€2.56 bln), 75 percent higher year-on-year. The value of Banca Transilvania deposits advanced 88.4 %, to RON 7.38 bln (€2.21 bln). The bank’s revenue by the end of 2007 doubled year-on-year, to RON 2.7 bln, while expenditures rose 88.5 percent, to RON 2.3 bln. BT has a 7 percent market share in the area of real estate loans and mortgages. The bank’s management is due to propose to shareholders in March 2008 that it approve the expansion of the bank’s network to 500 units by the end of the year from a present 430 units. BT’s loan portfolio structure is made up of 40 percent individuals and 60 percent corporates, including medical clinics.