WOOD Flash – Romanian banks: 2Q19E previews – expecting a solid quarter (due on 1 and 14 August)
The reporting season for the Romanian banks kicks off next week, with BRD reporting on 1 August and Banca Transilvania on 14 August. BRD is scheduled to host a conference call on 2 August at 10:00 CET, and Banca Transilvania on 19 August.The positive short-term macro (with a GDP growth rate of >4%) implies a strong 2Q19E for both BRD and Banca Transilvania, with ROEs of >15%. Based on central bank data, retail loans in Romania increased by 6.9% yoy in June (+13.8% yoy for RON loans and -8.4% yoy for EUR loans), with corporate loans expanding by 6.4% yoy. In our base-case scenario for 2019E, the healthy loan growth should filter down to net interest income in view of the stable policy rates.
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.
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