TLV - Low Q4 results on higher risk cost, OPEX - Instant Earnigns Comment from Concorde Ltd.
TLV - Instant Earnings Comment
Recommendation: Buy (unch.)
Target price (12M): RON 2.5 (unch.)
- Banca Transilvania’s net profit for the full year amounted to RON 1.8 billion on a consolidated level (unconsolidated RON 1.6 bln). This translates to Q4 net profit figure of RON 279 mln vs. our expectation of RON 327 mln. The lower results were mainly attributed to higher OPEX and higher risk cost.
Net interest income increased 6.9% q-o-q and was up by 22.2% y-o-y (yearly figures are not comparable due to acquistions). NIM remained stable at 362 bps vs 359 bps a quarter ago and up by 20 bps y-o-y. Net F&C was rather weak in the quarter which we believe is a sector phenomenon
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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