Banca Transilvania (TLV) reported gross income worth 60.26m RON (16.3m euros) in the first quarter of this year, up 65% on Q1 2007. The Q1 growth rate in profit is double the rate forecast for this year (31%).
"The entire income came from operations," Robert Rekkers, the bank's CEO, told ZF.
The bank has budgeted gross income worth 300 million RON (84.5m euros at the then average exchange rate of 3.55 RON/EUR) for this year, from operations, up 31% on the gross operating income generated last year, which was worth 230 million RON (68.8m euros).
Besides the operating income, Banca Transilvania still has to collect around 15% of the 90 million euros that represents the value of the majority stake in BT Asigurari, the insurance company it sold to Groupama last year.
The bank last year collected 76.5m euros, of which around 50 million euros (173.5m RON) were included in the yearend gross audited income, according to the annual report, which would point to a profit rate of 65% of the deal value.
"The difference we'll get from Groupama for BT Asigurari depends on the company's final audited results and we'll find out what this difference amounts to in the second quarter," specified Rekkers.
The sum could reach 13.5 million euros, of which around 9 million euros could be included in the yearend gross income, with the same profit rate being maintained.
Banca Transilvania will also cash in 87.5m euros from the sale of the 25% stake it held in Asiban. The same French group, Groupama, acquired the insurance company for 350 million euros.
Keeping the around 65% profit margin from the deal with BT Asigurari, the gross income Banca Transilvania derives from the sale of Asiban could revolve around 57m euros.
The total profit generated from the two deals would thus stand at about 66 million euros, a sum added to gross operating income, which is estimated at 84.5m euros.
The bank's representatives chose not to comment on the profit generated from the sale of Asiban.
"We cannot tell what the profit from the sale of the stake in Asiban will amount to," stated Rekkers. The bank's assets topped 4bn euros in late March.
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