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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

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Romania’s biggest bank doubles profit in Q1

The consolidated net profit of Banca Transilvania Financial Group (TLV) more than doubled (115%)  year-on-year to RON 656 million (EUR 134 mln) in the first quarter of the year (Q1).

The bank's standalone profit surged by 122% yoy to RON 581 mln (EUR 62 mln).

"We see encouraging signs, Romania's economy has recovered well during the first three months of the year, but the challenges are still here. [...] We are optimistic, but we remain alert and close to the customers with loans and those who need financing to support their business, the consumption, and the economy in general. BT operated with its engines running at full speed during the first quarter of the year, which translated in the record number of loans granted," stated Ömer Tetik, Banca Transilvania CEO.

The bank's stock of loans rose by 2.5% compared to the end of 2020 to RON 41.36 bln (EUR 8.35 bln).

The non-performing exposures ratio, according to the EBA definition, was 3.73% as of March 31, 2021.

In the general meeting held on April 28, the bank's shareholders approved the Board's proposal regarding the closing of the year 2020, the profit distribution (no cash dividends this year), and a RON 574 mln (EUR 117 mln) capital increase financed with part of last year's profit.

The investment budget for 2021 is RON 401 mln (EUR 81 mln) and will be allocated to IT projects, cards, digital initiatives, and the network.

Banca Transilvania's market capitalization is RON 14.3 bln (some EUR 3 bln), and its shares rose by just over 10% since the beginning of the year.

(Photo courtesy of Banca Transilvania)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

BVB
 

Romania’s biggest bank doubles profit in Q1

The consolidated net profit of Banca Transilvania Financial Group (TLV) more than doubled (115%)  year-on-year to RON 656 million (EUR 134 mln) in the first quarter of the year (Q1).

The bank's standalone profit surged by 122% yoy to RON 581 mln (EUR 62 mln).

"We see encouraging signs, Romania's economy has recovered well during the first three months of the year, but the challenges are still here. [...] We are optimistic, but we remain alert and close to the customers with loans and those who need financing to support their business, the consumption, and the economy in general. BT operated with its engines running at full speed during the first quarter of the year, which translated in the record number of loans granted," stated Ömer Tetik, Banca Transilvania CEO.

The bank's stock of loans rose by 2.5% compared to the end of 2020 to RON 41.36 bln (EUR 8.35 bln).

The non-performing exposures ratio, according to the EBA definition, was 3.73% as of March 31, 2021.

In the general meeting held on April 28, the bank's shareholders approved the Board's proposal regarding the closing of the year 2020, the profit distribution (no cash dividends this year), and a RON 574 mln (EUR 117 mln) capital increase financed with part of last year's profit.

The investment budget for 2021 is RON 401 mln (EUR 81 mln) and will be allocated to IT projects, cards, digital initiatives, and the network.

Banca Transilvania's market capitalization is RON 14.3 bln (some EUR 3 bln), and its shares rose by just over 10% since the beginning of the year.

(Photo courtesy of Banca Transilvania)

andrei@romania-insider.com

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