Banca Transilvania, the financial group that includes the largest bank in Romania by assets, announced its consolidated net profit increased by 35% y/y to RON 1.13 billion (EUR 226 million) in Q1. 

The bank's net profit was RON 913 million, marking the same 35% annual advance.

The group's assets reached approximately RON 176 billion, while the stock of net loans was RON 77.1 billion at the end of the quarter.

The bank's CEO, Omer Tetik, expressed confidence in the bank's profitability this year, but he also said that the year remains macroeconomically challenging in terms of persistent inflation and high volatility.

"The beginning of the year is encouraging and shows us that we are on track to meet our goals for the first part of 2024," he said.

The inflation is proving more resilient than the bank's analysts have hoped, and economic growth is still subdued, Banca Transilvania's CEO explained. 

"However, we are optimistic and are investing heavily in the development of the business," he concluded.

iulian@romania-insider.com

(Photo source: Banca Transilvania)