WOOD Flash – Banca Transilvania: small bottom-line miss in 2Q25, due mostly to lower-than-expected core income and higher provisions booked
Banca Transilvania (TLV) reported its 2Q25 results this morning (26 August), posting shareholder net profit of RON 1,087m (+10% yoy), a small (4%) miss vs. our expectations. The NII and NFC were below expectations, but offset partially by a better other income delivery. Costs were in line, and the provisions booked were the major source of the delta, but were also offset partially by the lower net profit attributable to minorities. All-in-all, we view the results as slightly negative, due to the rather underwhelming core income delivery. With this print, TLV is trailing slightly behind our FY25E forecasts, due mainly to the lower income from NFC and the higher level of provisions booked. TLV is trading at 1.6x P/BV and 7.1x P/E on our FY25E figures.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
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