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Oct 17, 2007 11:27 EEST
October 17 (SeeNews) - Raiffeisen Capital & Investment (RCI) on Wednesday confirmed its 'hold' recommendation on Romania's Banca Transilvania after the bank reported its nine-month results.
"We maintain our Hold recommendation with a 12-month target price of 0.85 lei ($0.36/0.25 euro) per share," RCI, the brokerage arm of Austrian banking group Raiffeisen in Romania, said.
Banca Transilvania said on Tuesday its nine-month net profit rose by 58.2% on the year to 133.51 million lei. “Banca Transilvania positively surprised, as for the second quarter in a row, revenues growth outpaced the non-interest expenses triggering a profitability improvement to levels not seen since the second quarter of 2005,” RCI said.
Banca Transilvania shares resumed trading on Wednesday after being suspended on Monday due to a capital hike wrap-up. The blue-chip stock gained 1.1% to 0.915 lei on the Bucharest Stock Exchange by 0816 GMT. The bank raised its share capital to 611.1 million lei from 393.4 million lei. Banca Transilvania is controlled by a group of Romanian businessmen but the European Bank for Reconstruction and Development (EBRD) is the biggest single shareholder with a stake of 15%.
(1 euro = 3.355 Romanian lei)
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