May 8 (SeeNews) - Romania's Banca Transilvania [BSE:TLV] said that its net profit soared by 120% year-on-year in the first quarter of 2023, to 675.9 million lei ($151.3 million/137.2 million euro).
The lender’s net interest income rose 27% on the year to 1.031 billion lei in the first three months of 2023, while its net fees and commissions income increased by an annual 15% to 251 million lei, Banca Transivania said in an unaudited first-quarter financial report filed with the Bucharest Stock Exchange, BVB, on Friday.
"We started the year strongly, by implementing our plan of growing the bank's business and supporting the Romanian economy, despite the volatile and uncertain climate in both international and local financial markets,” Banca Transilvania CEO Omer Tetik said in a statement accompanying the financial report.
The bank’s operating income reached 1.444 billion lei in January-March, increasing by 37% on the year, while total operating expenses inched down by an annual 3.9%, to 662 million lei.
At the end of March, Banca Transilvania’s total assets reached 139.997 billion lei, up by 15.6% on the year, while total liabilities increased by 16.1% to 130.801 billion lei.
Net loans increased to 63.5 billion lei at end-March, up 16% on the year.
Deposits from customers reached 122.306 billion lei in the first quarter of 2023, rising by 19% compared to end-March 2022 .
Non-performing loans made up 2.4% of Banca Transilvania’s total loan portfolio at end-March, down from 2.9% a year earlier, while their coverage with related provisions and mortgage collaterals stood at 196%, rising from 179% at end-March 2022 and remaining above the European average provision coverage.
Banca Transilvania Group, which also comprises Moldovan lender Victoriabank, BT Leasing Transilvania IFN, BT Investments, BT Direct IFN, BT Building, BT Microfinantare IFN, BT Leasing MD, BT Asset Management, Improvement Credit Collection, VB Investment Holding and Idea Bank, among other entities, posted a net profit of 837.7 million lei, up 109.3% year-on-year. Group assets totalled 147.931 billion lei at the end of March 2023, up by 15.3% on the year.
Banca Transilvania’s net profit grew by 22% on the year in 2022, reaching 2.178 billion lei, while the group’s net result increased by an annual 22.86% to 2.488 billion lei.
At the end of March 2023, the group employed 11,326, of which 9,175 worked for the bank.
Banca Transilvania shares traded 2.27% higher at 19.4 lei as at 1036 CET on the Bucharest bourse on Monday.
(1 euro=4.9273 lei)
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