Patria Bank Sells NPLs Totaling RON331.5M to Kruk Romania

The non-performing receivables package consists of secured loans granted to companies and individuals and has an exposure covering 934 contracts with a nominal value of approximately RON331.5 million, it said.

The sale took place on January 23, 2019.

This is the second phase of the project regarding the sale of non-performing portfolios initiated by Patria Bank in 2018, aimed at achieving the business objectives and improving its profitability indicators.

Patria Bank, owned by investment fund Emerging Europe Accession Fund (EEAF), posted revenues of RON114 million in the first nine months of 2018, from RON108.6 million in the same period last year. The bank posted a loss of RON19.9 million in the first nine months, 25% lower on the year.

The lender is the result of the merger between Banca Comerciala Carpatica and Patria Bank (former Nextebank).

The non-performing loan (NPL) rate of Romania's banking system was below 5% at the end of November 2018, according to central bank data. In November 2017, the NPL rate stood at 7%.

Local banks sold NPL portfolios totaling approximately RON1 billion in the first half of 2018, according to central bank data.

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