November 16 (SeeNews) - Romania's Patria Bank [BSE:PBK] said that its net profit rose by an annual 106% to 14.9 million lei ($3.1 million/3 million euro) in the first nine months of the year.
Net banking income increased by 12.2% year-on-year to 138.6 million lei, Patria Bank said in a statement filed with the Bucharest Stock Exchange on Tuesday.
The net income from fees and commissions rose by 13% year-on-year during January-September, to 22.7 million lei.
"Patria Bank continued the process of consolidating profitability, process which arises from the development of operational revenues correlated with a prudent evolution of the cost of risk. The improvement of profitability in a volatile and uncertain macroeconomic environment, denotes a sustainable evolution as well as the adaptability of the bank to the current market conditions," Patria Bank said.
The bank's loan portfolio in Romania increased by 11.7% on the year to 2.26 billion lei in the first nine months of 2022, while customer deposits rose 0.9% to 3.34 billion lei. The ratio of net loans to deposits reached 72% as at the end of September 2021, compared to 65% at end-2021.
Patria Bank's non-performing loan (NPL) ratio dropped to 8.22% at the end of September, from 9.38% at end-2021. The coverage of NPLs with provisions rose to 56% at end-September, from 54% at the end of 2021.
The bank's total assets rose to 3.92 billion lei at end-September, from 3.82 billion lei at the end of 2021.
Patria Bank Romania is owned by Patria Bank Group, majority owned by Emerging Europe Accession Fund (EEAF), a private equity fund. Main investors in EEAF are the European Bank for Reconstruction and Development, the European Investment Fund and other major European institutions.
Patria Bank's shares traded 2.7% higher at 0.0838 lei as at 1103 CET on Wednesday on the Bucharest Stock Exchange.
(1 euro=4.9209 lei)
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