Banca Transilvania (BT) posted 31.25 million RON (9.24 million-euro) net profit in the first quarter of this year, an increase of 14.2% on the same period of last year. The bank's gross profit increased by 18% reaching 36.4 million RON (10.77 million euros), amid a 46.8% increase in total revenues to 424 million RON (125.5 million euros). Total expenditures increased by 50% reaching 387.8 million RON (114.7 million euros). The total assets of Banca Transilvania have grown by 11% from the beginning of the year almost totalling 9 billion RON (2.65 billion euros). Banca Transilvania estimates that it will see a gross profit of 160 million RON in 2007, an increase of 21% on 2006 amid a significant increase in its assets, which are expected to reach 11.9 billion RON. BT shareholders approved an increase in the share capital by around 217.7 million RON (65 million euros), through the capitalisation of the net profit from 2006and of the premiums related to share issues from previous years, but also through capital contributions from shareholders. Each shareholder registered will receive approximately 45.3 free shares for every 100 shares held, and will be able to subscribe for a further 10 shares at the price of 0.35 RON/share. The closing price of Banca Transilvania shares on the Stock Exchange was at a level of 1.08 RON/share, with the bank's stock exchange capitalisation standing at 1.27 billion euros.
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