Banca Carpatica 1Q Net Loss Narrows To RON13.5M

05.12.2011 By Andrei Circhelan

Banca Comerciala Carpatica (BCC.RO) posted a net loss of 13.5 million lei (EUR3.2 million) in the first quarter, narrower than RON57.44 million in the same period of 2010, the lender said Thursday.

It said the operating profit stood at RON3.2 million in January to March, 27% more than the value forecast in the bank's budget.

Overall revenue dropped 21.1% to RON139.82 million, while total costs narrowed by 34.6%, to RON153.33 million.

Carpatica's assets stood at RON2.82 billion at the end of March, up 2.1% from RON2.77 billion in the same period of 2010. However, the bank's asset value is down 3.5%, from RON2.93 billion at the beginning of the year.

The solvency ratio was of 12.12% end-March, higher than the 10% threshold imposed by the central bank.

The bank stood to collect RON55.68 million in interest, 19.3% less than at the end of March 2010. Interest to be paid stood at RON36.13 million, 22% less on the year.

Banca Carpatica reduced its exposure on bonds, with an overall investment reaching RON352.11 million, down 16% from RON419.32 million in December. A the same time, the bank held end-March stocks and securities with variable yields of RON61.25 million, compared to RON58.52 million at the end of 2010.

At the end of the first quarter, the bank had a territorial network of 171 units, and almost 1,400 employees.

The bank is 41.28% owned by businessman Ilie Carabulea, while Corneliu Tanase holds 11.21%.

Banca Carpatica stock was trading early-Thursday at RON0.079 per share, down 1% on the day. (EUR1=RON4.0842)