In the first nine months of 2014, the bank had revenue of RON100.9 million.
Revenue from commercial activities increased 15%, to RON62.1 million, due to the decrease of the provisions volume in the first nine months.
Operating expenses fell 10% to RON107.7 million, the lender said in a statement to the Bucharest Stock Exchange.
Net loans to customers decreased by 17% to RON 863 million compared with year -end 2014 mainly due to loans repayments and to the limited level of lending caused by the capital shortage. Deposits also fell 4%.
The bank’s loan/deposit ratio dropped to 40%, from 52% end-2014, reflecting an excess liquidity needed for further growth, the bank said.
The lender’s capital adequacy rate dropped from 10.8% to 8.6% end-September due to operating loss and higher provision costs in the first nine months.
“The capital shortage combined with a planned adjustment of the banks OREO’s during H15 did not allow the credit portfolio to grow or access to the use of the liquidity excess. As a consequence, the efforts regarding various initiatives to increase the bank’s cap ital intensified and the progress made proved to be in line with expectations,” said Carpatica CEO Johan Gabriels.
On June 27, the bank announced it was starting exclusive talks with J.C. Flowers for a capital injection of RON110 million. Early September, J.C. Flowers signed a sale agreement with a group of shareholders which own a 57% stake in Carpatica.
On October 9, Carpatica shareholders authorized the managing board to sell US fund J.C. Flowers or other investors the right to subscribe the shares which remained unsubscribed following a RON110 million share capital hike that should be carried out by the end of November.
The unsubscribed shares will be offered within the private placement at a price of RON0.1001 per share.