Patria Credit reports net profit of 8.5 million RON, up 44 percent in 2023

Patria Credit is reporting positive results for the 8th consecutive year, with a 14 percent increase in loan portfolio and 44 percent increase in profit in 2023.

Patria Credit IFN SA, a non-banking financial institution part of Patria Bank Group, reported a net profit of 8.54 million RON in 2023 and a +14 percent increase in its porfolio up to 184 million RON. Sales of new loans slightly improved compared to 2022 (+1 percent) to 94 million RON.

The institution continued to support small entrepreneurs in rural areas, especially those involved in vegetable growing, to develop their activity, maintain or create new jobs, building on the experience of over 20 years of activity in this field. In 2023, the institution achieved a net profit of 8.54 million RON, an increase of 44 percent compared to 2022. In the porfolio structure, the high share of agriculture is maintained, so that 81 percent of the loan porfolio was granted to customers in this sector. Also, 84 percent of the loan porfolio represents investment loans, and most of the porfolio is secured with guarantees through guarantee programs offered by the European Investment Fund (InvestEU, Easi).

“The year 2023 has brought Patria Credit a series of achievements through which we have maintained our position among the top non-bank financial institutions as a responsible player involved in financial inclusion in rural areas. Through all the initiated and created projects, last year we brought new resources and development opportunities for small entrepreneurs in rural areas. We ended the year by signing a contract with CEB (Council of Europe Development Bank) which was for us a guarantee of our role and mission of involvement in the community through microfinance”, said Raluca Andreica, General Manager of Patria Credit.