WOOD Flash – Patria Bank: strong bottom-line beat, but lacking quality
Patria Bank reported its preliminary FY23 results yesterday (29 February), after the market closed, delivering net income of RON 25.5m in FY23, up c.33% yoy, beating our estimate by 53% and implying a FY23 ROE of 7.1%. The NII delivery disappointed, due mainly to a significant contraction in the loan book. The NFC saw a positive evolution in FY23 and, together with the non-recurring income, kept banking revenues afloat. Non-recurring revenues and a lower cost of risk were the main sources of the massive bottom-line beat, as the costs and taxes booked were broadly in line with expectations.
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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