Cluj-Napoca-based Banca Transilvania (BVB ticker: TLV), the biggest financial group in Romania, reported a consolidated net profit of RON 1.046 bln (EUR 213 mln) in the first half of this year, up 3% compared with the same period of 2021.

The group’s operating income went up 17.6% year-on-year, to RON 2.83 bln, mainly driven by higher net interest income. However, the operating expenses increased by 31% to RON 1.63 bln, especially due to higher personnel expenses, according to the group’s half-year report.

The group’s total assets went up by 5.76% in the first six months of this year, reaching RON 140.1 bln (EUR 28.6 bln) at the end of June.

Meanwhile, the loan portfolio increased by 15.6% compared with December 31, 2021, to RON 64.9 bln. Between January and June 2022, Banca Transilvania granted almost 140,000 loans to individuals and companies, amounting to RON 14.17 bln.

“During the first six months of the year, we continued to finance the economy and the state while offering good yields on the deposits held at BT. We reached new records in both card payments and business operations based on strong operational volumes. We are growing profitably in all market segments, offering to our customers competitive interest rates, while having the best dynamics in attracting new customers,” said Ӧmer Tetik, Chief Executive Officer, Banca Transilvania.

“Despite the challenging economic conditions, we look forward with confidence to the period ahead. We have a good appetite for financing the Romanian economy and growing our business,” he added.

Despite its solid results, Banca Transilvania’s shares have lost 17.3% of their value in the last 12 months, according to data on the Bucharest Stock Exchange (as of August 26, 2022). The bank recently completed a 10 to 1 share consolidation process, after which its share price jumped to around RON 20.

The group’s market capitalization currently stands at RON 14.2 bln (EUR 2.9 bln).

andrei@romania-insider.com

(Photo source: Banca Transilvania)