WOOD Flash – Patria Bank: 3Q20 review – good cost control and strengthening capital
Yesterday (16 November), Patria Bank reported its 3Q20 stand-alone numbers. We note that, due to the group’s small scale, the stand-alone numbers may be used to infer developments at the group level. The NII came in at RON 25.7m, up 1% qoq, but down 12% yoy, while the total net operating income fell 11% qoq and 17% yoy, to RON 36.2m. Provisions more than doubled qoq, to RON 3.7m, but the impairment charge dropped by 50% yoy. The TTM COR continued to fall, landing at -0.91% at the end of 3Q20. As a result, the net income declined 78% yoy and 83% qoq, to RON 1.2m. The bank’s capital ratios strengthened, mostly on the back of the successful placement of c.EUR 8.2m of subordinated bonds, as the interim net income is not incorporated in the calculation. The stand-alone CAR stood at 18.11%, and the consolidated CAR was 17.64%.
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