Romania's largest financial group by assets, Banca Transilvania (BVB: TLV), announced that its consolidated net profit more than doubled to RON 837 mln (EUR 170 mln) compared to RON 400 mln in the same period last year. The bank's net profit has also doubled to RON 676 mln in Q1.

The driving force behind the record earnings was lending, the bank's management argues.

"We started the year strong, implementing our plan to increase the bank's activity and support the national economy, despite the volatile and uncertain climate both on the international financial markets and domestically," said Ömer Tetik, CEO of Banca Transilvania.

The group's revenues from operations increased by more than 40% y/y to some RON 1.7 bln (EUR 340 mln).

Its assets rose to RON 148 bln at the end of March from RON 140.5 bln at the end of last year. Out of this, the stock of loans was RON 63.5 bln – 16% up y/y. 

iulian@romania-insider.com

(Photo source: Banca Transilvania)