Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Banca Transilvania Company News - 2009 IFRS results

While the core operating results were in line with our estimates, the better net profit was due to: (i) lower risk costs, (ii) higher income from associates, (iii) larger one-off gain from the sale of BT-Aegon stake and (iv) lower effective tax rate.

Coverage ratio remains low: BS items were generally in accordance with our estimates but NPLs climbed from 7.7% as of end-2008 to 15.2%, while we expected them at 14.7%. Coverage remained at a modest 40.4%, up from 33.7% a year before, while we projected it at 46.5%. Therefore, risk costs stood at 408 bps compared to our forecasted 460 bps.

Wider NIM and lower F&C: NIM for the year strengthened to 4.20%, versus our estimate of 3.95%, but F&C stood at RON 370.8 mn below our estimate of RON 403.6 mn (TLV has reclassified RON 10.2 mn of F&C to NII starting with 2008). Fees from lending activity were the main drag on F&C growth.

Operating expenses inline: Personnel expenses were cut by 9% yoy while other administrative expenses were up only 2% yoy. TLV reported a gain of RON 10.3 mn from associates while we expected a small loss, the main driver being the gains from mutual funds appreciation. These are funds were TLV invested seed money and are managed by TLV's asset management arm. TLV also booked a pre-tax one-off gain of RON 38.6 mn from the sale of its BT Aegon stake, considerably higher than the one reported under RAS.

Outlook and recommendation: We will review our 2010-2012 estimates in the light of these results, but for the moment we do not see reasons to significantly alter our estimates. We maintain our 12m TP and recommendation for TLV shares.

Sursa: http://www.rciro.ro

Tags: while results

Articole similare