Banca Transilvania- 4Q 2011 results
Raiffeisen Capital & Investment - 1 February 2012
Banca Transilvania (TLV) has reported a net profit of RON 25 mn for 4Q 11, below our and consensus estimates mainly on higher risk costs. The surge in risk costs is higher than we anticipated after a drop in 3Q 11, despite the fact that NPLs have hardly increased.
Loan growth has slowed down while L/D ratio improved to 75% from 76% before. NIM on interest earning assets narrowed to 4.34% from 4.47%, probably due to the fact that T-bills portfolio expanded 30% qoq. F&C performed better than expectations while trading result was disappointing, as we expected a stronger result after the dive from the previous quarter. C/I for the quarter stood at 51.5%, compared to 49.3% in 4Q 10 and 57.4% in 3Q 11. We view these results as negative for TLV shares but the apparent decrease in NPLs should not be neglected.
Source: http://www.rciro.ro
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