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Banca Transilvania Profit Jumps 47% on Romanian Loan Growth

Banca Transilvania SA, Romania’s second-biggest publicly traded bank, said its first-half profit jumped 47 percent as lending increased.

Net income climbed to 179.6 million lei ($48 million) from 122.1 million lei a year earlier, the Cluj-Napoca, Romania-based bank said in a regulatory statement today. Operating income rose 12 percent to 772 million lei as revenue from financial operations as well as fees and commissions gained.

“Despite the volatile and difficult economic environment, both on domestic and European markets, the bank performed well throughout the first half,” Banca Transilvania Chairman Horia Ciorcila said in the statement. “We shall continue to focus on consolidating our market position and boosting efficiency.”

Banca Transilvania, one of six Romanian banks controlled by domestic investors, has been boosting lending in the past year to increase its share in the market dominated by foreign banks.

Greek and other international banks will “fight tooth and nail” to maintain their position in the east European country in the face of possible regroupings, banking association chief Radu Ghetea said on June 20. While some banks are reluctant to expand in Romania, others including Banca Transilvania and CEC Bank SA have been able to increase their market share, Ghetea said.

Banca Transilvania’s net assets grew 12 percent to 29 billion lei from 25.8 billion lei at the end of 2011, the lender said. Non-performing loans, boosted by a second recession in the country, amounted to 10.5 percent of the bank’s total loan portfolio, according to the statement.

Net bad-loan provisions rose 15 percent to 179 million lei in the first half from a year ago, the bank said. Banca Comerciala Romana SA and BRD-Groupe Societe Generale SA, Romania’s two biggest banks, reported second-quarter losses last month on loan provisioning.

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