In the third quarter alone, the lender’s profit was RON5 million. As of 2012, banks in Romania report their results according to international financial reporting standards, or IFRS. Carpatica did not provide IFRS results for the corresponding intervals of 2011.
The gross profit in the first nine months was RON16.9 million, while the full-year forecast is RON17 million.
Carpatica said the profit growth is due to higher lending activity. New corporate loans doubled to RON436.7 million in January-September, from RON210.1 million in the year-ago period. The loan portfolio stood at RON1.22 billion at the end of September, 15.2% higher than in December 2011.
Deposits were at RON2.26 billion, 4.3% higher than at the end of 2011.
The bank’s assets rose 11.24% over the first nine months, to RON4.3 billion. However, the asset value is 18% lower than at the end of June, as in the third quarter the bank cut its state paper holdings to reduce its financial debts.
The bank’s solvency ratio was 11.17% at the end of September, Carpatica said in a statement. The loan to deposit ration was 0.5995.
Carpatica’s network included 148 units, down from 155 at the end of 2011.
The bank’s majority stockholder is local businessman Ilie Carabulea, who indirectly owns around 46%, while Corneliu Tanase holds 11.22%.
Carpatica shares closed down 3.3% Tuesday on the Bucharest stock exchange. (EUR1=RON4.531)