Banca Transilvania, the largest bank in Romania, reports a net profit of 913…

Banca Transilvania (stock symbol TLV), the largest credit institution in Romania, reported an individual net profit of 913 million lei in Q1/2024, up by 35 compared to the same period of the previous year, while operating revenues increased by 32% to 1.9 billion lei, according to the financial report published Friday evening at the Bucharest Stock Exchange. The bank’s assets were 167.6 billion lei, compared to 161.2 billion lei at the end of 2023.

At the group level – the asset management, stock brokerage, leasing company – net profit rose to 1.1 billion lei from 837 million lei, and revenues from 1.7 billion lei to 2.2 billion lei . The group’s assets reached 176 billion lei, and the level of net loans, 77.1 billion lei.

“The beginning of the year is encouraging and shows us that we are on schedule to meet our goals for the first part of 2024. We are focusing on increasing volumes, the number of customers, attracting business in all the segments we operate, but also on consolidating the companies in Banca Transilvania Group. We are thus increasing the balance sheet and scope of the BT Group, contributing significantly to the banking of Romanians. Macroeconomically, the year remains challenging both in terms of a high level of uncertainty and international volatility, as well as in terms of economic indicators. Inflation is proving to be more resistant than we would have hoped, and economic growth is still low. However, we are optimistic and invest heavily in business development”, says Ӧmer Tetik, Director General, Banca Transilvania.

Financial results from Q1/2024.

♦ The operational efficiency of the bank reached the level of 45.10%, calculated with an annualized impact of the contribution to the Bank Deposit Guarantee Fund and the Resolution Fund.

♦ The bank’s net interest income is 28% higher than in the first quarter of 2023. • Net income from fees and commissions increased by 18% compared to the same period of the previous year, against the background of the increase in BT activity.

♦ Customer deposits increased up to 137 billion lei at the bank level, of which 88.1 billion lei are the savings of individuals, and 48.8 billion lei, company deposits. • The gross loans/deposits ratio at the bank level is 56.3%.

♦ The rate of non-performing loans, according to the EBA indicator, is 2.01% on March 31, 2024.

♦ Solvency is 20.06% without profit included, respectively 21.47% with profit included.

♦ Customer deposits at the bank level registered an increase of 14.7 billion lei, 12% compared to March 2023.

♦ The balance of gross loans at the bank level registered an increase of 9.5 billion lei, Ă14.1% compared to March 2023.

♦ Almost 4,000 people bought their homes with the help of BT, the amount granted being approximately 1 billion lei.

♦ The balance of mortgage/real estate loans is 19 billion lei and increased by 13% compared to the first quarter of 2023, representing 25% of the loan portfolio.

♦ The balance of loans granted to legal entities reached approximately 45 billion lei, 16% more than at the end of the first quarter of the previous year.