Banca Transilvania Group announced on May 9 that its consolidated net profit rose by 30.5% in the first quarter compared to the same period last year to RON 507.5 million (EUR 106.7 million ) driven by 37.9% higher net interest income.

Banca Transilvania previously reported an individual profit of RON 436 million (EUR 93 million) for the period, only up 19% compared to the same period of 2018, but this result didn’t reflect the financial performances of its subsidiaries.

The group’s assets at the end of the quarter amounted to RON 79.7 billion (EUR 16.7 bln), out of which RON 75.9 billion (EUR 15.9 bln) for the bank. Net loans accounted for 48.5% of the group’s assets. The net interest income advanced by 37.9% in the first three months compared to the same period last year to RON 749.36 million (EUR 157.5 million).

“The first quarter of the year also reflects a robust capitalization of the Banca Transilvania Group, which has an equity capital of RON 8.2 billion (EUR 1.72 bln), up 8% as compared to the end of 2018,” according to the press release.

The group’s companies granted 5,200 loans in the first quarter of 2019, worth RON 215 million (EUR 45 mln), and concluded 1,300 leasing contracts with a value of RON 210 million (EUR 44 mln).

Banca Transilvania became a shareholder of Victoriabank in January 2018, and the bank from the Republic of Moldova is in the course of being integrated into the BT Financial Group. Victoriabank’s business and strategy have been reconfigured so far.

editor@romania-insider.com

(Photo source: the company)