BUCHAREST (Romania), February 27 (SeeNews) – Romania's Banca Transilvania [BSE:TLV] said on Thursday its net profit rose by 33% year-on-year in 2019, reaching 1.62 billion lei ($337 million/367 million euro).
"During 2020, we will continue investments in innovation to enhance the quality of our services to clients. We will continue to grow the role of our business in economy, we pay attention to market challenges and opportunities," Banca Transilvania's board chairman Horia Ciorcila said.
The bank's operating income rose 12.7% on the year to 4.03 billion lei in 2019.
At the end of December, the bank's assets totalled 87.4 billion lei, up 18% year-on-year.
Loans increased to 38.6 billion lei, up 6.2%, while deposits from customers rose 19% to 74.3 billion lei.
Non-performing loans made 4.36% of Banca Transilvania’s total loan portfolio at the end of December, while their coverage with related provisions and mortgage collaterals remained at a comfortable level of 98% and in line with the bank’s risk appetite.
At the group level, Banca Transilvania, which also comprises BT Asset Management, BT Direct, BT Securities, Factoring company and Medicredit, posted a net profit of 1.85 billion lei in 2019, up 46.6% on the year. Group assets totalled 91.7 billion lei at the end of December, up 17.7%.
Banca Transilvania's shares traded flat at 2.5 lei on the Bucharest Stock Exchange as at 1019 CET on Thursday.
In January, Fitch Ratings said it has affirmed the long-term issuer default rating (IDR) of Banca Transilvania at 'BB+', with a stable outlook, and the bank's viability rating (VR) at 'bb+'.
(1 euro=4.8074 lei)
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