If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
| May 25, 2022 |
Market Status: Closed
Login Register

Market News


Q1 2017 financial results

Release Date: 5/15/2017 8:47:54 AM

IRIS Code: 08080



·         On 1st of May 2017 Banca Comerciala Carpatica SA merged with Patria Bank SA, having completed the merger process which has began about 8 months ago, in October 2016 when the shareholders of the two banks have approved the merger. The new Patria Bank resulted from the merger has a solid shareholding, she will continue to be listed on the Bucharest Stock Exchange and she wishes to be an active and innovative participant on the retail banking market, SMES and microfinance.

·         The effects of the recent merger are not yet reflected in the present report, the latter referring to the financial results of Banca Comerciala Carpatica SA for the first quarter of 2017, prior to the effective implementation date of merger. This merger means for Patria Bank S.A. (the former Banca Comerciala Carpatica S.A.) the completion of all procedural steps, of training and systems alignment and it opens the way for team’s integration and  strengthening - in terms of management and staff - in order to ensure the smooth and efficient services from operational point of view, but also performing services, which can generate value to the bank’s shareholders.

·         The new bank aims to use various distribution channels and strategic partnerships to penetrate some market niches not covered yet, in order to allow the fulfillment of the set strategic direction, respectively to be a significant presence in the segment of clients with less access to banks services, both from the urban environment, as well as from rural areas, and supporting local entrepreneurs. The new Patria Bank S.A. is present in 73 cities, through 111 banking units and, in the second half of the year she will focus on promotion actions of the new brand "Patria Bank" and of its new products.

·         In the first quarter of 2017 Banca Comerciala Carpatica S.A. has registered the following results:

-          Net Result: RON -9.7 milion, a loss higher with 27% than the previous quarter (Q IV 2016), in the context of an activity slowing down caused by preparing the merger;

-          Total Operating Income: RON 14.5 milion, representing the first quarter when the revenues have stopped their descending trend and they recorded a growth of 16% as compared with the previous quarter;

-          Operating Expenses: RON 24.6 milion, they have registered an increase of 2% compared to previous quarter and the recurring operational costs (eliminating the impact of employees’ protection measures applied for the purpose of reorganization and merger) recorded a decrease of -8% compared to the fourth quarter of 2016;

-          Total Assets fell by 4% as compared to December 31, 2016, considering the reducing base of deposits from non-banking clientele in the context of the 18 banking units closed in December 2016;

-          Total Own Funds Rate calculated to March 2017 is 13.81%, above the regulated level applicable to the bank, in a slight decrease compared to 14.21% recorded at the end of last year, in the context of the recorded losses of the first quarter of 2017.

·         These results are in line with management’s expectations for this period, as in the very next period the synergies resulting from the merger process with Patria Bank S.A. to generate the positive effects anticipated for the year 2017, both in terms of reducing costs, but also from the perspective of the Bank's capacity to generate income and to grant new loans.


The integral version of the report on the financial results of Banca Comerciala Carpatica S.A, accompanied by the Financial Position and Financial Performance  as of  31.03.2017 shall be accessible on the bank's website at https://www.patriabank.ro/despre-patria/investitori/rapoarte-reglementate  or on the website of the Bucharest Stock Exchange at the link below.



Information provided by IRIS, the news platform of the Bucharest Stock Exchange.


Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

©2016 Bucharest Stock Exchange. All rights reserved