Patria Credit IFN SA, the non-banking financial institution of Patria Bank Group, posted a net profit of RON 8.54 million in 2023, by 44 percent higher compared to the previous year, while its loan portfolio increased 14 percent year-over-year to RON 184 million, the company said in a release.
New loan sales were 1 percent up from 2022 to RON 94 million.
Agriculture stays a major component in the NBFI's loan portfolio, accounting for 81 percent thereof. Also, investment loans represent 84 percent of the loan portfolio, the bulk of which is secured through guarantee programs offered by the European Investment Fund (InvestEU, Easi).
In 2023, Patria Credit had its license renewed by the European Commission for another four years, fulfilling 100 percent the mandatory requirements for compliance with the European Code of Good Conduct for Microcredit Provision which defines a set of common standards for the European microfinance sector.
Alongside the partnership with CEB (the Council of Europe Development Bank), Patria Credit signed in 2023 several agreements with international partners, including with REDI - Roma Entrepreneurship Development Initiative, a one of a kind arrangement in the Romanian microfinance market. The object of this partnership is a loan and a guarantee ceiling for the financing of Romani entrepreneurs, a ceiling that was fully used by the end of the year.
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