WOOD Flash – Patria Bank: 1H20 results – strong beat on the provisioning front
Patria Bank published its 1H20 results yesterday (17 August), after the market closed, with net interest income of RON 59,467k, a decline of 7% yoy, but a 9% beat vs. our estimate. The decline was caused mostly by the declining ROBOR interest rate, as the bank’s loan book is composed principally of RON-denominated variable-interest rate loans. The net F&C income declined by 16%, to RON 11,060k, but was 6% higher than our estimate. We were more bullish on the other income line, expecting approximately RON 11,939k, while the company reported RON 9,121k. However, the total operating income beat our expectations by 4%, recording a decline of 8% yoy.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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