October 30, 2014 / 9:12 AM / 5 years ago

Romania Banca Transilvania 9-mth net profit beats forecast

BUCHAREST, Oct 30 (Reuters) - Romanian lender Banca Transilvania’s (BT) nine-month net profit rose by 40.8 percent on the year to 338 million lei($96.17 million) in the first nine-months, beating expectations, as operational revenues jumped.

Analysts at Raiffeisen had forecast BT’s net profit at 327 million lei against a profit of 240 million lei in the same period of 2013. SSIF Broker had forecast a profit of 324 million lei for Romania’s third biggest lender in terms of assets.

“BT’s positive results were supported by activity streamlining and cost control initiatives, which together with the overall business growth lead to an improvement of the cost to income ratio,” it said in a statement.

It said non-performing loans represent 11.5 percent of its loan portfolio, “below the average of the Romanian banking system”, and net provisions stood at 442 million lei. (1 US dollar = 3.5146 Romanian lei) (Reporting by Radu Marinas; editing by Susan Thomas)

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