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%.
Romania’s government has assumed responsibility in Parliament for legislation reforming magistrates’ pensions, prime minister Ilie Bolojan announced on December 2. He said the draft law had received the opinion of the High Court of Cassation and Justice, noting that the court’s assessment was negative. It is the government’s second attempt to have the bill promulgated, […]
Romania Education Alliance (REA), the first private school network in the country, announced it has exceeded the milestone of 1,000 students enrolled across its member schools just one year after launch. "The fact that we surpassed 1,000 students in our very first year of activity shows that the REA model addresses a real need in […]
Genesis College, one of the largest private educational institutions in Romania, announced the regulatory approval of the transaction through which the investment firm Mozaik Investments becomes its majority shareholder. The transaction, signed at the end of July, received all necessary approvals from the Competition Council on November 25, and, formally, the entire investment procedure is […]
The European Bank for Reconstruction and Development (EBRD) is lending up to EUR 29.9 million to the Romanian city of Brasov to finance energy efficiency upgrades in public buildings, initiating the city’s participation in the Bank’s flagship EBRD Green Cities programme. The Bank’s investment will fund the renovation of up to 20 public buildings, including […]
This festive season, JW Marriott Bucharest Grand Hotel invites guests to embrace the extraordinary and transform each moment into a lasting memory. On New Year’s Eve, the hotel unveils The Grand Countdown — a luminous celebration of new beginnings, thoughtfully crafted across four distinctive venues, each with its own character and atmosphere. The night begins […]
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control over ArcelorMittal Tubular Products Iași (AMTP Iași) by Metinvest B.V. of the Netherlands, part of the Ukrainian steel and mining group owned by Rinat Akhmetov, New Voice of Ukraine reported last week. Metinvest has...
