TLV - Decent Q2 On Revenues, Lower Provisioning
Decent Q2 on revenues, lower provisioning
- BT’s reported net income came to RON 646 mln in the second quarter, up by 80% and 61% y-o-y and q-o-q, respectively. Better results stemmed from lower provisioning and higher revenues though the latter was below our estimates.
- Net interest income went up by 10% q-o-q and 36% y-o-y as a result of higher lending flows particularly in corporates and SMEs and higher NIM while net fees also increased thanks to strong client activity. Net trading was also better after a weak Q1 due to higher income from derivatives.
- OPEX increased 11% q-o-q on higher other operating expenses as inflation kicks in here as well and personal costs also went up even adjusting for the higher number of employees.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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