Home Business BOV makes €20.6 million pre-tax profit in third quarter

BOV makes €20.6 million pre-tax profit in third quarter

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BOV Group registered €20.6 million in profit before tax during the third quarter of 2021.

Covering the first nine months of the year, the bank delivered a €46.5 million profit before tax. This is up by €5.9 million compared to the same period in 2020.

Revenues is also up by 4% compared to 2020, with €172.1 million registered. The bank attributed this to improved volumes in the retain sector, particularly in home lending, cards, and payments.

Net loans and advances to customers increased by 5% during the first nine months of the year. The bank noted growth in both business and home loans, with the latter being the biggest driver.

At the press conference announcing the results, chief executive officer Rick Hunkin said card and payment transaction levels have continued to rise. People are moving to more electronic banking means, and there has been a reduction in cheque usage.

Izabela Banas, the bank’s chief financial officer, noted a decline…

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