Banca Transilvania Group Reports Sustained Growth in Q1 2024

Banca Transilvania Group reports 35% increase in net profit to RON 1,132.4 million in Q1 2024, driven by enhanced operational activity across its subsidiaries. The group's assets reach RON 176 billion, with 50,000 new customers and RON 74,000 in new loans granted.

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Banca Transilvania Group Reports Sustained Growth in Q1 2024

Banca Transilvania Group Reports Sustained Growth in Q1 2024

Banca Transilvania Group, a leading Romanian financial institution, has reported sustained growth in its operational activity for the first quarter of 2024. The group's assets have reached approximately RON 176 billion, with a consolidated net profit of RON 1,132.4 million, marking a 35% increase compared to the same period in the previous year.

Why this matters: The strong performance of Banca Transilvania Group has significant implications for the Romanian economy, as it demonstrates the resilience and growth potential of the country's financial sector. This growth can also have a positive impact on the overall economic development of Romania, leading to increased investment and job creation.

The group's impressive performance is driven by enhanced operational activity across its multiple subsidiaries in banking, leasing, consumer finance, asset management, brokerage, and pension funds management. Banca Transilvania's shares, listed on the Bucharest Stock Exchange under the symbol TLV, have reflected the group's strong financial position and growth prospects.

Key highlights of Banca Transilvania Group's Q1 2024 performance include attracting around 50,000 new customers, with customers' deposits increasing to approximately RON 137 billion. The value of new loans granted by BT has reached around RON 74,000, while the number of transactions routed through BT has exceeded 500,000,000.

Ömer Tetik, CEO of Banca Transilvania, expressed optimism about the group's performance, stating, "The beginning of the year is encouraging and shows that we are on the right track to reach our goals for 2024. Our focus stays on boosting volumes, reaching more clients, and securing new business across all segments, while simultaneously consolidating the companies within the Banca Transilvania Financial Group."

The group's subsidiaries and equity holdings contributed approximately RON 219.2 million to BT Group's profitability in Q1 2024. Banca Transilvania remains focused on investing in digitization and the adoption of artificial intelligence to enhance its services and reach more clients. The bank's commitment to financial education is evident through its dedicated communication platform, comunicarebtrl.ro.

Banca Transilvania Group's strong performance in the first quarter of 2024 solidifies its position as a leading player in the Romanian financial sector. With a focus on growth, client acquisition, and technological innovation, the group is well-positioned to navigate the evolving financial landscape and continue delivering value to itsshareholdersand customers.