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First signs of rebound: Banca Transilvania doubles quarterly profit

01.05.2011, 23:41 63

Banca Transilvania (TLV) derived net income worth 31.7m lei inthe first quarter, almost double last year's first quarter level.On Friday, the bank's shares gained 1.7% on a "red" market.

The falling provision expenses and a slight interest incomeincrease brought Banca Transilvania the biggest quarterly incomesince the onset of the crisis, worth 31.76m lei (7.5m euros).Against the same period of last year, the bank's net incomeadvanced by 98%, while the institution registered net provisionexpenses of 161m lei (38.1m euros) in the first three months ofthis year, 30m lei less than in the same period of 2010.

The bank's operating income reached 201.84m lei (47.8m euros),down 7% from a year ago.

On Friday, after the financial results announcement, TLV sharesended the trading session up 1.73% to 1.532 lei/share, a price atwhich the bank's market capitalisation stood at 2.264m lei. BET,the main bourse index, lost 0.95%.

"I see 2011 as a turning point and the bank's team is ready tocontinue to act responsibly to hit proposed targets," said RobertRekkers, the general manager of Banca Transilvania, the biggestRomanian-held bank domestically.

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