Patria Bank posts net profit of 8 million RON, up 171 percent in Q1

Patria Bank registered a net profit of 8 million RON for the first 3 months of 2024, representing a 171 percent increase compared to the same period of the previous year. The result includes the new 2 percent turnover tax applicable to credit institutions from 2024

“In the first quarter of this year, Patria Bank improved its financial performance, reflecting its constant commitment to supporting entrepreneurs and sustainable growth. Strategically oriented commercial actions contributed significantly to these commercial performances reflected by the increase in new loan sales in Q1 2024 compared to Q1 2023 by 48 percent. We also focused on strengthening the management team in the commercial area, making a commitment to continue growing the lending activity,” said Valentin Vancea, CEO of Patria Bank.

The main financial milestones reached on March 31, 2024 by Patria Bank:

• Increase in net banking income by 14 percent in the first 3 months of 2024 compared to the same period in 2023, positive evolution in all income categories, supported mainly by net income from commissions and those from financial activity

• Operating result in the amount of 9.4 million RON, up 18 percent compared to the same period of the previous year

• The bank’s equity shows an increase of 8.6 million RON in the first 3 months of the year, +2 percent compared to December 2023

• The strategy to reduce non-performing exposures continued in 2024 with good results, with the non-performing exposure (NPE) ratio decreasing by 29 percent in the last 12 months