In the first nine months of the year, Banca Transilvaniaannounced a 69.7 million-RON profit, up 44%. Yesterday shareskicked off the trading session in full gear, rising by 3%. Analystssay financial results are above expectations, saying there ispotential for the bank to report a 20-30% profit rise in 2011.
The 44% profit increase against the first nine months of lastyear generated enthusiasm among investors, although analystsbelieve the profit increase was mainly driven by the bank'sexchange rate operations rather than by an increase inlending.
"A comparison between the third-quarter performance and theprevious quarter one reveals that there have been no major changesin the bank's business. The profit increase in the first ninemonths mainly has to do with a lower tax on profit, 9% in the thirdquarter, given that part of the provisions set up were taxdeductible," said Adriana Marin, manager of the research departmentwith brokerage firm CA IB Securities.
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