Banca Transilvania logged net income worth 280 billion ROL (6.9 million euros) in the first half of 2004, up 43% from the corresponding period of last year.
The bank's assets went up 32.3% to 18,797 billion ROL (458 million euros). In the first six months, the volume of loans granted by Banca Transilvania increased 33%, up to 11,402 billion ROL.
H1 gross profits were worth 352 billion ROL, accounting for a 50% growth. The bank's revenues grew 84% from June 2003, but were outpaced by total expenses, which surged 91% in the same interval.
At the end of June 2004, deposits were worth 9,425 billion ROL, up 35% from the beginning of the year. The total amounts attracted from customers stood at 13,282 billion ROL during the first six months of the year.
The bank's investments in T-bills and treasury bonds went down 200 billion ROL, to 542 billion ROL. The money was largely redirected to bond issues, a sector in which Banca Transilvania has invested 145 billion ROL. Investments in shares went up 48%, to 145 billion ROL.
Banca Transilvania registered total revenues amounting to 520.6 billion ROL and gross income of 180.9 billion ROL in the first half.
Banca Transilvania has been among the most profitable stocks for capital market investors this year, give the keen interest displayed by foreign investment funds and by the bank's traditional dividend granting policy, in the form of free shares.
Early this year, the stock price of Banca Transilvania ranged between 5,000-5,500 ROL and most analysts felt that the bank, which had a market capitalisation worth some 160 million dollars, was overestimated on the stock exchange. The bank's capitalisation has now reached 200 million dollars.
Banca Transilvania stock has constantly increased since the beginning of the year, given the big acquisitions made by the foreign funds, which bought about 8% in the bank in just a few months.
The bank's stock thus reached an all-time high of 7,600 ROL per share prior to the reference date for the two capital increases conducted by Banca Transilvania this year. One was realised by the issuance of new shares (raising 10 million dollars from stockholders), and the other by giving away free shares (0.275 new shares for each old share).
At the end of last year, the bank's assets totaled 14,207.99 billion ROL, with equity worth 2,061.45 billion ROL.
liviu.chiru@zf.ro ; laurentiu.ispir@zf.ro
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