Banca Transilvania (BT), the financial group that includes Romania's largest lender by assets, announced that it extended 63,000 new loans amounting to RON 6,357 mln in Q1 this year, 61% more compared to the same period last year. The number of transactions for both the individuals and legal entity customers across all BT channels was 35% higher compared to the same period of 2021. The net interest income increased by 22% for the bank (to RON 810 mln) and by 29% (to RON 969 mln) for the entire group. The bank also launched Code Crafters, a company through which it increases its IT solutions development capacity. "The bank's activity and income are above the forecasted levels and above the budget, and the net result is in line with the budget. We are pleased that the Romanians have continued with their plans and that BT has sustained the growth both in lending and in operations," commented Ömer Tetik, CEO, Banca Transilvania. The financial group's bottom line was significantly impacted, however, by the net impairments that turned from a positive value in Q1 last year (release of provisions) to negative this year. Thus, the financial group posted a net profit of RON 400 mln (EUR 80 mln), 39% smaller compared to the same period last year, out of which RON 307 mln (EUR 61 mln, down 47% YoY) was generated by the bank. BT Financial Group's assets reached RON 128.3 bln, and its net loans increased to RON 58.6 bln. Separately, BT announced that RON 800 mln, representing about 45% of 2021 profit, will be distributed as a dividend. The gross dividend/share is approximately 0.12 RON, equivalent to a yield of 5%.
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