Banca Transilvania

BT's customer loans rose 11.1% to RON 30,248 mil in 2017

By Helgi Analytics - July 16, 2018

Banca Transilvania's customer loans reached RON 30,248 mil in 2017, up 11.1% compared to the previous year. Romanian banking se...

BT's customer deposits rose 17.4% to RON 48,932 mil in 2017

By Helgi Analytics - July 16, 2018

Banca Transilvania's customer deposits reached RON 48,932 mil in 2017, up 17.4% compared to the previous year. Romanian banking...

BT's retail deposits rose 15.4% to RON 30,401 mil in 2017

By Helgi Analytics - July 16, 2018

Banca Transilvania's retail deposits reached RON 30,401 mil in 2017, up 15.4% compared to the previous year. Romanian banking s...

Profit Statement 2015 2016 2017
Net Interest Income RON mil 1,952 1,764 1,890
Net Fee Income RON mil 487 546 627
Other Income RON mil 510 750 449
Total Revenues RON mil 2,949 3,061 2,966
Staff Cost RON mil 677 666 763
Operating Profit RON mil 1,448 1,717 1,471
Provisions RON mil 798 658 28.8
Net Profit RON mil 2,446 1,272 1,239
Balance Sheet 2015 2016 2017
Interbank Loans RON mil 3,909 2,564 5,090
Customer Loans RON mil 25,226 27,234 30,248
Debt Securities RON mil 12,417 15,400 16,319
Total Assets RON mil 47,579 51,944 59,804
Shareholders' Equity RON mil 6,241 6,153 7,140
Interbank Borrowing RON mil 1,518 2,552 1,615
Customer Deposits RON mil 38,302 41,682 48,932
Issued Debt Securities RON mil 416 424 415
Ratios 2015 2016 2017
ROE % 48.7 20.5 18.6
ROA % 5.87 2.56 2.22
Costs (As % Of Assets) % 3.60 2.70 2.68
Costs (As % Of Income) % 50.9 43.9 50.4
Capital Adequacy Ratio % 22.3 19.0 21.1
Net Interest Margin % 4.68 3.54 3.38
Loans (As % Of Deposits) % 65.9 65.3 61.8
NPLs (As % Of Loans) % 15.8 10.7 8.22
Provisions (As % Of NPLs) % 63.2 71.3 70.9
Valuation 2015 2016 2017
Market Capitalisation (End Of Period) USD mil 1,608 2,016 2,422
Share Price (End Of Period) RON 1.69 1.99 2.17
Price/Earnings (P/E) 2.73 6.82 7.59
Price/Book Value (P/BV) 1.07 1.41 1.32
Dividend Yield % 18.0 2.52 6.49
Earnings Per Share (EPS) RON 0.620 0.292 0.286
Book Value Per Share RON 1.58 1.41 1.65
Dividend Per Share 0.304 0.050 0.141

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Net Interest Income RON mil                 914 969 1,023 1,176 1,952    
Total Revenues RON mil                 1,490 1,640 1,817 2,151 2,949    
Operating Profit RON mil                 671 754 882 1,200 1,448    
Net Profit RON mil                 297 342 397 441 2,446    
balance sheet                              
Interbank Loans RON mil                 779 1,405 1,761 2,387 3,909    
Customer Loans RON mil                 13,978 15,361 16,578 17,419 25,226    
Debt Securities RON mil                 6,333 6,949 9,382 11,160 12,417    
Total Assets RON mil                 26,009 29,711 32,237 35,796 47,579    
Shareholders' Equity RON mil                 2,392 2,815 3,183 3,797 6,241    
Interbank Borrowing RON mil                 2,844 3,082 2,566 1,186 1,518    
Customer Deposits RON mil                 20,257 23,167 25,741 29,995 38,302    
Issued Debt Securities RON mil                 260 289 338 395 416    
ratios                              
ROE %                 13.3 13.1 13.2 12.6 48.7    
ROA %                 1.24 1.23 1.28 1.30 5.87    
Costs (As % Of Assets) %                 3.43 3.18 3.02 2.80 3.60    
Costs (As % Of Income) %                 54.9 54.0 51.5 44.2 50.9    
Capital Adequacy Ratio % ... ...       ... ... ... ... ... 13.8 17.6 22.3    
Net Interest Margin %                 3.83 3.48 3.30 3.46 4.68    
Interest Income (As % Of Revenues) %                 61.3 59.1 56.3 54.7 66.2    
Fee Income (As % Of Revenues) %                 27.0 26.7 20.5 19.8 16.5    
Staff Cost (As % Of Total Cost) %                 47.7 48.6 49.4 49.9 45.1    
Equity (As % Of Assets) %                 9.20 9.47 9.87 10.6 13.1    
Loans (As % Of Deposits) %                 69.0 66.3 64.4 58.1 65.9    
Loans (As % Assets) %                 53.7 51.7 51.4 48.7 53.0    
NPLs (As % Of Loans) % ... ... ...           17.8 12.7 13.8 17.8 15.8    
Provisions (As % Of NPLs) % ... ... ...           61.5 98.0 97.4 69.9 63.2    
valuation                              
Market Capitalisation (End Of Period) USD mil ... ...             324 531 967 1,331 1,608    
Number Of Shares (Average) mil                 1,774 1,903 2,206 3,007 3,946    
Share Price (End Of Period) RON ... ...             0.610 0.940 1.42 1.64 1.69    
Earnings Per Share (EPS) RON                 0.167 0.179 0.180 0.147 0.620    
Book Value Per Share RON                 1.35 1.48 1.44 1.26 1.58    
Dividend Per Share ... ... ... ...         0 0 0 0 0.304    
Price/Earnings (P/E) ... ...             3.64 5.24 7.90 11.2 2.73    
Price/Book Value (P/BV) ... ...             0.452 0.635 0.984 1.30 1.07    
Dividend Yield % ... ... ... ...         0 0 0 0 18.0    
Earnings Per Share Growth % ...               84.1 7.17 0.213 -18.4 323    
Book Value Per Share Growth % ...               -5.11 9.69 -2.48 -12.5 25.2    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Interest Income RON mil                 1,836 2,055 1,879 1,798 2,417    
Interest Cost RON mil                 922 1,086 856 622 465    
Net Interest Income RON mil                 914 969 1,023 1,176 1,952    
Net Fee Income RON mil                 403 437 372 426 487    
Other Income RON mil                 173 234 422 550 510    
Total Revenues RON mil                 1,490 1,640 1,817 2,151 2,949    
Staff Cost RON mil                 390 431 462 474 677    
Depreciation RON mil                 63.8 54.7 65.2 66.1 91.7    
Other Cost RON mil                 364 400 408 411 733    
Operating Cost RON mil                 818 886 936 951 1,502    
Operating Profit RON mil                 671 754 882 1,200 1,448    
Provisions RON mil                 316 384 414 684 798    
Extra and Other Cost RON mil                 0 -1.17 0 0 -1,651    
Pre-Tax Profit RON mil                 355 371 467 516 2,301    
Tax RON mil                 58.2 24.5 69.8 73.2 -147    
Minorities RON mil                 0.229 4.93 0.788 1.37 1.89    
Net Profit RON mil                 297 342 397 441 2,446    
Dividends RON mil ... ... ... ...         0 0 0 0 1,200    
growth rates                              
Net Interest Income Growth % ...               -8.28 6.01 5.64 14.9 66.0    
Net Fee Income Growth % ...               5.25 8.61 -14.9 14.3 14.4    
Total Revenue Growth % ...               -3.38 10.1 10.8 18.4 37.1    
Operating Cost Growth % ...               10.4 8.22 5.64 1.65 57.9    
Operating Profit Growth % ...               -16.2 12.4 16.9 36.1 20.6    
Pre-Tax Profit Growth % ...               124 4.38 26.0 10.3 346    
Net Profit Growth % ...               122 15.0 16.2 11.2 455    
market share                              
Market Share in Revenues %                 6.51 ... ... ... ... ... ...
Market Share in Net Profit %               ... ... ... ... ... ... ... ...
Market Share in Employees %                 10.3 11.0 10.9 11.4 12.9    
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... ... ... ... 17.1 ...  
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Market Share in Branches %                 9.15 9.63 ... ... ... ... ...
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                              
Cash RON mil                 4,550 5,579 4,106 4,234 4,998    
Interbank Loans RON mil                 779 1,405 1,761 2,387 3,909    
Customer Loans RON mil                 13,978 15,361 16,578 17,419 25,226    
Retail Loans RON mil ... ...             5,874 6,392 6,874 7,558 13,759    
Mortgage Loans RON mil ... ... ... ... ... ... ... ... ... ... 1,650 2,700 5,420    
Consumer Loans RON mil ... ... ... ... ... ... ... ... ... ... 5,225 4,858 8,339    
Corporate Loans RON mil ... ...             9,798 11,112 12,257 12,364 14,254    
Debt Securities RON mil                 6,333 6,949 9,382 11,160 12,417    
Fixed Assets RON mil                 368 416 413 412 527    
Total Assets RON mil                 26,009 29,711 32,237 35,796 47,579    
Shareholders' Equity RON mil                 2,392 2,815 3,183 3,797 6,241    
Of Which Minority Interest RON mil                 2.03 35.6 2.65 4.17 6.12    
Liabilities RON mil                 23,617 26,896 29,054 31,999 41,338    
Interbank Borrowing RON mil                 2,844 3,082 2,566 1,186 1,518    
Customer Deposits RON mil                 20,257 23,167 25,741 29,995 38,302    
Retail Deposits RON mil ... ...             13,406 15,669 17,090 18,612 23,286    
Corporate Deposits RON mil ... ...             6,851 7,498 8,651 11,383 15,015    
Sight Deposits RON mil ... ... ... ... ... ... ... ... ... ... 5,206 7,150 11,666    
Term Deposits RON mil ... ... ... ... ... ... ... ... ... ... 20,535 22,845 26,635    
Issued Debt Securities RON mil                 260 289 338 395 416    
Other Liabilities RON mil                 255 358 410 423 1,102    
asset quality                              
Non-Performing Loans RON mil ... ... ...           2,799 2,219 2,646 3,582 4,412    
Gross Loans RON mil                 15,700 17,535 19,154 20,167 28,012    
Total Provisions RON mil                 1,722 2,174 2,576 2,503 2,787    
growth rates                              
Customer Loan Growth % ...               14.4 9.90 7.92 5.07 44.8    
Retail Loan Growth % ... ... ...           8.95 8.81 7.55 9.95 82.0    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... 63.6 101    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... -7.01 71.6    
Corporate Loan Growth % ... ... ...           24.4 13.4 10.3 0.876 15.3    
Total Asset Growth % ...               19.7 14.2 8.50 11.0 32.9    
Shareholders' Equity Growth % ...               14.4 17.7 13.1 19.3 64.4    
Customer Deposit Growth % ...               17.2 14.4 11.1 16.5 27.7    
Retail Deposit Growth % ... ... ...           20.1 16.9 9.07 8.91 25.1    
Corporate Deposit Growth % ... ... ...           12.0 9.44 15.4 31.6 31.9    
market share                              
Market Share in Customer Loans %                 6.27 6.80 7.59 8.25 11.6    
Market Share in Corporate Loans % ... ...             8.49 9.35 10.9 11.7 13.6    
Market Share in Retail Loans % ... ... ... ... ... ... ... ... ... ... 8.37 8.45 14.9    
Market Share in Consumer Loans % ... ...             5.63 6.12 6.66 7.40 12.7    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ... 4.04 6.05 10.4    
Market Share in Total Assets %                 7.35 8.13 8.90 9.83 12.6    
Market Share in Customer Deposits %                 10.8 11.7 11.9 12.9 15.1    
Market Share in Retail Deposits % ... ...             11.9 12.8 13.2 13.5 15.9    
Market Share in Corporate Deposits % ... ...             11.0 12.3 12.2 14.2 16.4    
ratios Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ratios                              
ROE %                 13.3 13.1 13.2 12.6 48.7    
ROA %                 1.24 1.23 1.28 1.30 5.87    
Costs (As % Of Assets) %                 3.43 3.18 3.02 2.80 3.60    
Costs (As % Of Income) %                 54.9 54.0 51.5 44.2 50.9    
Capital Adequacy Ratio % ... ...       ... ... ... ... ... 13.8 17.6 22.3    
Tier 1 Ratio % ... ... ...     ... ... ... ... ... ... 15.8 21.8    
Net Interest Margin %                 3.83 3.48 3.30 3.46 4.68    
Interest Spread % ...               3.43 3.08 3.01 3.25 4.53    
Asset Yield %                 7.69 7.37 6.07 5.28 5.80    
Cost Of Liabilities % ...               4.26 4.30 3.06 2.04 1.27    
Payout Ratio % ... ... ... ...         0 0 0 0 49.1    
Interest Income (As % Of Revenues) %                 61.3 59.1 56.3 54.7 66.2    
Fee Income (As % Of Revenues) %                 27.0 26.7 20.5 19.8 16.5    
Other Income (As % Of Revenues) %                 11.6 14.3 23.2 25.6 17.3    
Cost Per Employee USD per month                 1,571 1,525 1,817 1,732 1,988    
Cost Per Employee (Local Currency) RON per month                 4,791 5,292 6,047 6,012 7,803    
Staff Cost (As % Of Total Cost) %                 47.7 48.6 49.4 49.9 45.1    
Equity (As % Of Assets) %                 9.20 9.47 9.87 10.6 13.1    
Loans (As % Of Deposits) %                 69.0 66.3 64.4 58.1 65.9    
Loans (As % Assets) %                 53.7 51.7 51.4 48.7 53.0    
NPLs (As % Of Loans) % ... ... ...           17.8 12.7 13.8 17.8 15.8    
Provisions (As % Of NPLs) % ... ... ...           61.5 98.0 97.4 69.9 63.2    
Provisions (As % Of Loans) %                 12.3 14.2 15.5 14.4 11.0    
Cost of Provisions (As % Of Loans) %                 2.41 2.62 2.59 4.03 3.74    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                              
Branches                 553 551 542 548 545    
Employees                 6,788 6,780 6,370 6,576 7,227    
ATMs                 840 868 879 890 1,015 ... ...
Clients mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Payment Cards '000 ... ... ... ... ... ... ... ... ... ... ... ... 2,547 ...  
Debit Cards '000 ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Credit Cards '000 ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... 20.2 23.8 30.5    
Risk-Weighted Assets RON mil ... ... ... ... ... ... ... ... ... ... ... ... ...    

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BT's net profit fell 2.59% to RON 1,239 mil in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania made a net profit of RON 1,239 mil under revenues of RON 2,966 mil in 2017, up -2.59% and -3.09% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of RON 2,446 mil in 2015 and an all time low of ...

BT's employees fell 0.120% to 7,513 in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania employed 7,513 persons in 2017, down 0.120% when compared to the previous year. Historically, the bank's workforce hit an all time high of 7,522 persons in 2016 and an all time low of 1,491 in 2003. Average cost reached USD 2,068 per month per ...

BT's corporate deposits rose 20.9% to RON 18,531 mil in 2017

By Helgi Analytics - July 16, 2018

Banca Transilvania's corporate deposits reached RON 18,531 mil in 2017, up 20.9% compared to the previous year. Romanian banking sector accepted corporate deposits of RON 107 bil in 2017, up 12.3% when compared to the last year. Banca Transilvania account...

BT's capital adequacy ratio rose 10.9% to 21.1% in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania's capital adequacy ratio reached 21.1% at the end of 2017, up from 19.0% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 22.3% in 2015 and an all time low of 12.2% in 2007. The Tier 1 ratio amou...

BT's mortgage loans rose 21.8% to RON 8,438 mil in 2017

By Helgi Analytics - November 29, 2018

Banca Transilvania's mortgage loans reached RON 8,438 mil in 2017, up 21.8% compared to the previous year. Romanian banking sector provided mortgage loans of RON 82.1 bil in 2017, up 7.36% when compared to the last year. Banca Transilvania accounted for 1...

BT's share price (end of period) rose 9.05% to RON 2.17 in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania stock traded at RON 2.17 per share at the end of 2017 implying a market capitalization of USD 2,422 mil. Since the end of 2012, the stock has appreciated by 131 % implying an annual average growth of 18.2 %. In absolute terms, the value of the compa...

BT's costs (as % of assets) fell 0.916% to 2.68% in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania's cost to income ratio reached 50.4% in 2017, up from 43.9% compared to the previous year. Historically, the bank’s costs reached an all time high of 77.8% of income in 2006 and an all time low of 43.9% in 2016. When compared to total as...

BT's npls (as % of loans) fell 23.0% to 8.22% in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania's non-performing loans reached 8.22% of total loans at the end of 2017, down from 10.7% compared to the previous year. Historically, the NPL ratio hit an all time high of 33.7% in 2010 and an all time low of 3.15% in 2006. Provision cover...

BT's corporate loans rose 4.98% to RON 15,004 mil in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania's loans reached RON 32,121 mil in the 2017, up from RON 29,478 mil compared to the previous year. Historically, the bank’s loans reached an all time high of RON 32,121 mil in 2017 and an all time low of RON 19,154 mil in 2013. In the ...

BT's price/earnings (P/E) rose 11.3% to 7.59 in 2017

By Helgi Analytics - May 29, 2018

Banca Transilvania stock traded at RON 2.17 per share at the end 2017 implying a market capitalization of USD 2,422 mil. Since the end of 2012, the stock has appreciated by 131 % implying an annual average growth of 18.2 %. In absolute terms, the value of the company ...

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Banca Transilvania SA is a Romanian-based bank. The bank offers financial services both for corporate and individual customers. Its main financial activities are divided into seven segments: Corporate Client, Small & Medium-sized Client (SME), Individual Client, Healthcare, Treasury, Leasing and Loans and Other. The Bank offers a wide range of products and services such as lending services, financial consulting and planning, financial advisory, financial products and services such as loans, mortgages, card services, transfer of money, tax assistance or treasury activities. At the end of 2013, the Bank had 542 branches and 6,042 employees throughout Romania. Banca Transilvania S.A. was incorporated in 1993 and is headquartered in Cluj-Napoca, Romania

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Finance

Banca Transilvania has been growing its revenues and asset by 13.0% and 15.6% a year on average in the last 10 years. Its loans and deposits have grown by 13.6% and 16.8% a year during that time and loans to deposits ratio reached 61.8% at the end of 2017. The company achieved an average return on equity of 18.0% in the last decade with net profit growing 14.9% a year on average. In terms of operating efficiency, its cost to income ratio reached 50.4% in 2017, compared to 52.1% average in the last decade.

Equity represented 11.9% of total assets or 23.6% of loans at the end of 2017. Banca Transilvania's non-performing loans were 8.22% of total loans while provisions covered some 70.9% of NPLs at the end of 2017.

Valuation

Banca Transilvania stock traded at RON 2.17 per share at the end of 2017 resulting in a market capitalization of USD 2,422 mil. Over the previous five years, stock price rose by 131% or 18.2% a year on average. That’s compared to an average ROE of 22.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.59x and price to book value (PBV) of 1.32x in 2017.