•g• PATRIA BANK
For the period ended: June 30, 2025
PATRIA BANK S.A.
Registered office: Globalworth Plaza, 42 Pipera Road, 8thand 10thfloors, Bucharest 020309, Romania
Fiscal code: RO 11447021 | J2016009252405
Share capital: 327,881,437.60 RON
+40 800 410 310 capital@patriabank.ro https://www.patriabank.ro
Table of contents
Q1'25 Key performance indicators 4
Q1'25 Key financial indicators 5
Q2'25 Macroeconomic context 6
H1'25 Executive Summary 8
H1'25 Financial results 10
H1'25 Commercial activity 16
About Patria Bank 22
Subsidiaries' activity 24
Activity on the Bucharest Stock Exchange 26
Potential risks in H2 2025 29
Capital requirements (points 447 b, c, d, e) 31
Annexes 39
Statement 40
This Report meets the publication requirements set forth by Law no. 24/2017 on issuers of financial instruments and market operations, the Regulation of the Financial Supervisory Authority (ASF) no. 5/2018 on issuers of financial instruments and market operations, and the Bucharest Stock Exchange Code.
The standalone interim financial statements presented on the following pages have been prepared in accordance with the International Financial Reporting Standards applicable to interim reporting, as adopted by the European Union ("IFRS"). The consolidated and standalone interim financial statements as of June 30, 2025 are unaudited.
The financial figures presented in the descriptive section of the report, expressed in RON thousand, have been rounded to the nearest whole number. This may result in minor rounding differences.
H1 2025 Report 3
«@ PATRIA BANK
Key performance indicators for
H1'25
04 2024
Q1 2025
**220/o
Increase in the number of Patria Online users in
H1 2025 vs. H1 2024
NEW LOAN SALES DIGITALIZATION
PERFORMING LOANS
in RON mn
PATRIA
C ftEDlT
COMMERCIAL FINANCING
in RON mn
Date individuale
Key financial indicators
fOr H1'25
NET BANKING INCOME
in RON mn
«@ PATRIA BANI£
COST/INCOME RATIO
73%
77%*
*Excluding the 2% turnover tax introduced in 2024
INCOME BREAKDOWN
in RON mn, for H1 2025
PROFITABILITY
in RON mn
25.8
' '
Net interest income 81.7 G Net fees and commissions
income 18.6
0 Financial and other income 23.2
11.2
H 1 2023
18.1
H 1 2024
H1 2025
6.2%
RETURN ON ASSETS (ROA)
30.06.2023 300f/2024
1.1%
30.06.2025
RETURN ON EQUITY (ROE)
30.06.2023 30.06.2024
11.7%
30.06.2025
Q2'25 Macroeconomic context
Economic growth slowed even further in the first quarter of 2025 to only 0.2% year-on-year growth after modest growth of 0.8% in
2024. The average during the period from
GDP 2020-20252020 2021 2022 2023 2024 2025F
5.7 5.3
4.1
2015 to 2024 was 3.4%. The latest forecasts
for 2025 range between 0.9% and 1.4%, a decrease from previous months, considering that a weak economic growth is also expected in the second quarter of this year.
-3.7
-5.7
2.6
2.1
0.4
0.8 0.4 1.2 1
The inflation rate rose in June to a level of 5.66%.
10.0
8.0
6.0
4.0
2.0
-
% Real GDP growth, average 2015-2024
IE MT CY PL HR RO HU GR LT PT CZ ES DK NL LV EE LU FR IT DE FI
Public budget deficit
7.7
6.5
4.9
3.5 3.4 3.4 2.8 2.7
2.3 2.2 2.2 2.2 2.2 2.0 2.0 1.9 1.9 1.3
1.1 0.9 0.9
The budget deficit reached 9.3% in 2024, but the level of public debt is still low at 55% of GDP, although it has been rising sharply in recent years.
The execution of the
consolidated general budget in the first half of 2025 ended with a deficit of RON 69.80 billion, equivalent to 3.68% of GDP, compared to RON 63.67 billion (3.62% of GDP) recorded in the same period last year.
H1 2025 Report
6
180
160
140
120
100
80
154
135
113
Public debt % GDP 2024
102 95
82
74
65 63 63
16
14
12
10
8
6
4 1.8
2
3.5
8.4
5.30
Inflation 2020-2025
14.2 14.7
10.3
6.6 5.7 5.5 5.45 5.66 7.2
9.60 10.30
6.40
60 55 55
40
20
-
47 47 44 43 41 38
31 26 24 24
0 0.3 2.20
3.90 2.90 2.7
EU CPI RO CPI
1.9 2 1.75
GR IT FR ES PT FI HU CY HR DE PL RO MT LV CZ NL IE LT DK LU BG EE
Banking sector ratios
The non-performing loan (NPL) ratio was 2.53% at the end of Q1 2025, slightly above the level of 2.48% recorded at the end of Q4 2024. The assets of the banking system increased to RON 887 billion in March 2025, compared to RON 881.8 billion in December 2024, representing a quarterly increase of approximately RON 5.2 billion and a growth of about RIN 64.4 billion compared to the end of 2023 (RON 822.6 billion in March 2024). The banking system recorded a net profit of RON 3.7 billion in the first quarter of 2025, down by 2% compared to the same period in 2024, according to data published by the National Bank of Romania. In Q1 2025, the banking system posted a return on assets (ROA) of 1.67% and a return on equity (ROE) of 18.21%, slightly down from 1.68% ROA and 18.44% ROE in Q4 2024. The loan-to-deposit ratio remained relatively stable, standing at 67.54% in March 2025, compared to 67.61% in December 2024. This indicates a slight decrease in lending dynamics compared to the pace of deposit attraction. The solvency ratio was 24.17% in March 2025, down from 24.91% in Q4 2024, although above the level of 22.90% in Q1 2024. This indicates a slight decrease in the dynamics of lending compared to the pace of deposit attraction. The solvency indicator was 24.17% in March 2025, down from 24.91% in Q4 2024, although above the level of 22.90% in Q1 2024.
H1 2025 Report 7
H1'25 Summary
Bank | H1 2025 | H1 2024 | Variation |
Net banking income (RON thousand) | 123,419 | 104,644 | 18% |
Operational expenses (RON thousand) | (84,176) | (80,864) | 4% |
Turnover tax (2%) | (4,215) | (3,705) | 13.7% |
Net cost of risk (RON thousand) | (9,185) | (3,529) | 160% |
Net result (RON thousand) | 25,781 | 18,114 | 42% |
Cost/income ratio | 68.2% | 77.3% | -9.1 p,p, |
Cost/income ratio (w/o turnover tax of 2%) | 64.8% | 73.7% | -8.9 p,p, |
ROE | 11.7% | 8.9% | 2.8 p,p, |
30-Jun-25 | 30-Dec-24 | Variation | |
Total net loans (thousand RON) | 2,667,279 | 2,365,429 | 13% |
Total deposits (thousand RON) | 3,803,314 | 3,702,193 | 3% |
Loans (gross value) / deposits | 72.9% | 67.0% | 5.9 p.p. |
Key figures
Financial results
Loans and deposits
The financial results recorded by Patria Bank at June 30, 2025 show a net profit of RON 25.8 million for the first semester of the current year, representing an increase of 42% compared to the same period of the previous year. This result represents a culmination of multiple initiatives aimed at improving commercial performance, financial position and performance, supported by effective risk management.
The Bank has proved a solid capacity for adaptation and sustainable growth by implementing an integrated strategy that led to increased profitability and streamlined operational processes. The decrease in the level of non-performing loans (NPL) and the decrease in the cost/income ratio (cost/income ratio by -9 p.p. compared to June 2024) confirm prudent and efficient financial management, as well as the solidity of the sustainable business model.
The Bank also had the capacity to absorb additional costs as well as the increase in existing costs, generating additional income and obtaining an increase in profitability ratios (RoA and RoE), together with reporting an increasing operational result (+65% compared to the same period of 2024).
The main financial milestones achieved as of June 30, 2025 are presented below:
Total assets grew by 7%, supported by the performing loans portfolio expansion (+13% compared with 31.12.2024) and a prudent but profitable investment policy. Diversification and increased funding sources were key factors in expanding the asset base, maximizing profitability compared to June 2024 (RoA 1.1% from 0.9% and RoE 11.7% from 8.9%)
Increase in net banking income by 18% in the first semester of 2025 compared to the same period in 2024, due to the expansion of the loan portfolio, the reduction of the financing cost by diversifying financing sources and the refocusing towards shorter-term sources, by diversifying products and services and the increase in customer transactional behavior
The taxation level reported by the Bank as of June 30, 2025, calculated by considering the combined impact of the corporate income tax and the turnover tax, results in an effective tax rate of 25%. This level of taxation is comparable to that of developed Western European countries such as Italy, France, the Netherlands, and Spain.
Maintaining an optimal balance sheet structure of the bank, the loan-to-deposit ratio registering a level of 73% compared to 67% at the end of 2024
Increase in Loans and advances granted to customers by 12% compared to 2024. Portfolio growth is due to organic expansion which remains a predominant strategic direction
Increase in debt investments by 8% compared to 2024 by temporarily placing excess liquidity at competitive yields according to capital market conditions
The strategy to reduce non-performing exposures continued in 2025, the non-performing loan (NPL) rate was reduced through rigorous preventive strategies, including the intensification of monitoring activity and the initiation of proactive measures to support customers. The intensification of collection and recovery processes, correlated with write-off operations, contributed to the reduction of the non-performing loan exposure, allowing for a better allocation of capital. Thus, the Non-Performing Exposures (NPE) ratio decreased from 4.8% in June 2024 to 3.4% in June 2025, while the coverage ratio of non-performing loans with impairment reached 57%
Maintaining a solid capital base, reflected in the Total Own Funds Ratio of 21.76%, which incorporates the profit recorded by the Bank as of June 30, 2025, as well as the negative impact of the partial buyback operation amounting to RON 6 million, representing the shares held by shareholders who exercised their withdrawal right at the time of the merger between Banca Comercială Carpatica and the former Patria Bank, which led to a 0.24% decrease in the Own Funds Ratio.
Bank's Financial position as at 30.06.2025 compared with 31.12.2024
Thousand RON Jun.25/ | |||
ASSETS | 30-Jun-25 | 31-Dec-24 | Dec.24 (%) |
Cash and cash equivalents | 440,979 | 524,457 | -16% |
Loans and advances to banks | 19,049 | 19,422 | -2% |
Securities | 1,366,502 | 1,266,353 | 8% |
Investment in subsidiaries | 42,296 | 40,296 | 5% |
Loans and advances to customers, net | 2,652,699 | 2,367,410 | 12% |
Other assets | 271,669 | 268,220 | 1% |
Total ASSETS | 4,793,194 | 4,486,158 | 7% |
LIABILITIES | 30-Jun-25 | 31-Dec-24 | Jun.25/ Dec.24 |
(%) | |||
Due to banks & REPO | 272,161 | 141,453 | 92% |
Due to customers | 3,803,314 | 3,702,193 | 3% |
Other liabilities | 96,657 | 88,559 | 9% |
Subordinated debt | 100,946 | 59,391 | 70% |
Debt securities in issue | 67,075 | 65,557 | 2% |
Total Liabilities | 4,340,153 | 4,057,153 | 7% |
Total Equity | 453,041 | 429,005 | 6% |
Total LIABILITIES AND EQUITY | 4,793,194 | 4,486,158 | 7% |
Thousand RON | 30-Jun-25 | 31-Dec-24 | Jun.25/ Dec.24 |
(%) | |||
Gross loans | 2,772,496 | 2,480,892 | 12% |
Performing loans | 2,667,279 | 2,365,429 | 13% |
Non-performing loans | 105,217 | 115,463 | -9% |
Impairments | (119,797) | (113,482) | 6% |
Performing loans provisions | (61,389) | (49,594) | 24% |
Non-performing loans provisions | (58,408) | (63,888) | -9% |
Net loans | 2,652,699 | 2,367,410 | 12% |
Net performing loans | 2,605,890 | 2,315,835 | 13% |
Net non-performing loans | 46,809 | 51,575 | -9% |
Total assets, of RON 4.8 billion, show an increase of 7% compared to the end of 2024, through the development of the portfolio of loans granted to customers and the increase in investments in Government bonds.
The loan portfolio (net value) records an increase of 12%, RON +285 million, compared to the end of 2024, generated mainly by the expansion of loans granted to companies in the SME, Corporate and Agricultural financing sectors. In structure, an increase of the performing loan portfolio by 13%, RON
+302 million, is noticed, evolution which led to a decrease in the Non-Performing Exposures (NPE) Rate, which decreased from 4.1% on December 31, 2024 to 3.4% on June 30, 2025.
Investments in government securities registered an increase by 8% compared to the previous year, contributing to the improvement of the balance sheet structure and the consolidation of interest income.
Customer liabilities registered an increase by 3%, of RON 100 million compared to December 31, 2024. The Bank aimed to calibrate the cost of funding and manage liquidity at optimal costs, choosing a more selective policy for some high-value deposits with a high cost of funding. It aimed to reduce concentrations and shift deposits towards shorter maturity buckets. The Bank also aims to develop collateral deposits that ensure an optimal cost of funding and lower volatility, an action correlated with lending and trade finance activity.
Interbank funding shows an increase of RON 131 million, in close correlation with the expansion of assets and the financing diversification strategy in a mix adapted to market conditions from the perspective of duration, currency and funding cost.
Equity shows an increase of 6% compared to December 31, 2024, mainly arising from the net profit obtained in the first 6 months of 2025 and with a negative impact of RON 6 million coming from the implementation of the partial buyback operation of shares from shareholders who exercised their withdrawal right at the time of the merger between Banca Comerciala Carpatica and the former Patria Bank.
At standalone level, the capital adequacy ratio (Total Own Funds Ratio) is 21.76%, above the regulatory limit and also above the level recorded at the end of 2024 (20.3%), mainly due to the increase in Total Own Funds to a greater extent than the risk-weighted assets (development of lending activity). At consolidated level, the capital adequacy ratio (Total Own Funds Ratio) is 19.49%, above the regulatory limit.
The Total Own Funds Ratio, both at standalone and consolidated level, does not incorporate the profit reported as of 30.06.2025. The Bank also applies the inclusion in the calculation of Own Funds of the temporary treatment provided for in paragraphs (1) and (2) of Article 468 of Regulation (EU) No. 575/2013.
Financial results (standalone level)
The main elements recorded, compared to the same period last year:
FINANCIAL PERFORMANCE STATEMENT H1 2025 Thousand RON | H1 2024 | Δ 2025/ 2024 (%) |
Net interest income 81,707 | 64,150 | 27% |
Net fees and commission income 18,512 | 18,361 | 1% |
Net gains from financial activity & other income 23,200 | 22,133 | 5% |
Net banking income 123,419 | 104,644 | 18% |
Staff costs (41,378) | (38,139) | 8% |
Depreciation and amortization (11,759) | (10,702) | 10% |
Other operating and administrative expenses, out of which: (31,039) | (32,023) | -3% |
Turnover tax (4,215) | (3,705) | 14% |
Total operating expense (84,176) | (80,864) | 4% |
Operating result 39,243 | 23,780 | 65% |
Net impairment of financial assets (9,185) | (3,529) | 160% |
Profit before tax 30,058 | 20,251 | 48% |
Income tax expense for the year (4,277) | (2,137) | 100% |
Net profit for the period 25,781 | 18,114 | 42% |
Net banking income recorded an increase of 18% compared to the same period of 2024, an evolution mainly supported by the advance of net interest income (+27%), which represented the main growth driver. To a lesser extent, income from financial activity (+5%) and net commission income (+1%) contributed to this dynamic, reflecting a balanced mix of income sources and the consolidation of the Bank's capacity to generate recurring results based on the diversification of the product and service portfolio.
Regarding interest income, the Bank presents a significant increase of 15% compared to the same period of the previous year, the evolution being supported mainly by income related to the portfolio of loans granted to customers as well as by income obtained from debt securities in which the bank temporarily invested excess liquidity. Interest income related to the loan portfolio increased significantly, by RON
+17.6 million, compared to the same period of last year, as a direct result of the increase in the balance of loans granted to customers.
Interest expenses increased by 4% compared to the same period in 2024, mainly due to the increase in the commercial funding balance, as well as due to the level of liquidity in the market, correlated with the trend of increasing interest rates.
Operational expenses recorded an increase of 4% (RON +3.3 million), compared to the same period of the previous year. Operational and administrative costs show the highest increase, being mainly influenced by the development of the Bank's activity. Another increase is driven by operational and administrative costs as, a result of investments in IT and cybersecurity systems as well as in marketing campaigns.
The net cost of risk follows a prudent evolution. The Bank records net impairment adjustments worth RON 9.2 million in the first 6 months of 2025 compared to RON 3.5 million in the same period of the previous year. The Bank constantly monitors the loan portfolio for adequate credit risk management, taking into account the uncertainties that arise in the market. In the first 6 months of 2025, the Bank carried out write-off operations worth RON 6.4 million in line with the strategy of reducing the stock of non-performing loans.
The taxation level reported by the Bank as of June 30, 2025, calculated by considering the combined impact of the corporate income tax and the turnover tax, results in an effective tax rate of 25%. This level of taxation is comparable to that of developed Western European countries such as Italy, France, the Netherlands, and Spain.
The Bank recorded a positive operational result for the first 6 months of 2025 of RON 39 million and a net profit of RON 25.8 million, up by 42% compared to the level recorded on June 2024.
The Bank's net result registered a significant acceleration in the first half of 2025. After a level of RON 10 million in Q1 2025, net profit increased strongly in Q2, reaching RON 16 million - the highest quarterly result in the last five quarters. Compared to the 2024 interval, characterized by a variation between RON 8-10 million per quarter, the evolution in Q2 2025 marks a change of pace, reflecting the improvement of profitability and the streamlining of operational activity. This dynamic puts the Bank on a clear upward trajectory and strengthens the premises for superior results for the whole of 2025.
Quarterly net banking incomeRON mn
Quarterly total operating expensesRON mn
67
50
54
55
54
57
41 40
40 41
42 43
Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025
Operating resultRON mn
Net resultRON mn
9
14
15
14
15
24
8
10
9
8
10
16
Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025 Q1'2024 Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025
H1 2025 Report 14
Economic financial ratios
Ratios | 30-Jun-25 | 31-Dec-24 | 30-Jun-24 |
1 Total Own Funds Ratio | 21,8% | 20,3% | 20,3% |
2 The potential change of the economic value (EVI/Own Funds) | 5,0% | 5,5% | 8,2% |
3 Loans (gross value) / Customer deposits | 73% | 67% | 73% |
4 Loans (gross value) / Total assets | 58% | 55% | 56% |
5 Liquidity Coverage Ratio (LCR) | 141% | 173% | 149% |
6 Liquid assets / Total assets | 38% | 39% | 39% |
7 Debt securities and equity instruments / Total assets | 29% | 28% | 28% |
8 Return on assets ratio (RoA) | 1,1% | 0,8% | 0,9% |
9 Return on equity ratio (RoE) | 11,7% | 8,5% | 8,9% |
10 Cost/income ratio | 68% | 76% | 77% |
11 Cost/income ratio (less the 2% turnover tax) | 65% | 72% | 74% |
12 Non-Performing Loans (NPL)* | 3,9% | 4,8% | 5,5% |
13 Non-Performing Exposures (NPE)* | 3,4% | 4,1% | 4,8% |
14 Coverage NPL | 57,2% | 57,3% | 59,3% |
15 Coverage NPL ** | 57,3% | 57,4% | 59,4% |
(*) As per standalone FINREP
(**) As per the presentation for the calculation of the systemic risk buffer
The consolidation of the bank's profitability is also reflected in the increase in profitability ratios, ROE and ROA reaching values of 11.7% and 1.1% respectively, above the levels recorded on 31.12.2024 and 30.06.2024.
Operational efficiency - The cost/income ratio at 30.06.2025 incorporates the 2% turnover tax expense, applicable to credit institutions starting with 2024, in amount of RON 4.2 million, in the absence of which the cost/income ratio would have been 65%.
H1'25 Commercial activityBanking activity for legal entities
In the first half of 2025, Patria Bank strengthened its commercial activity, with a strategic focus on the SME, Micro, Corporate, and Agro&Food segments, through dedicated solutions and initiatives in sustainability and green financing.
The MICRO segment benefited from fast and accessible products for entrepreneurs both in the development stage and in the start-up phase, with financing for working capital, factoring, and investments, including projects supported by European funds. The Bank emphasized flexibility and personalized advisory services, tailoring processes and products to the specific needs of various types of legal entities.
In the SME sector, Patria Bank continued to support the engine of the Romanian economy through financing solutions for working capital and investments. The SME loan portfolio recorded a 12.7% increase compared to December 2024, reaching RON 761 million at the end of June 2025. This dynamic was supported by the solid quality of performing loans and by the success of the Competitiveness Loan program, developed together with the European Investment Fund, which provides preferential conditions to entrepreneurs. Financing was directed towards key sectors such as commercial real estate (21.4%), trade (15.2%), manufacturing (15.0%), construction (14.0%), and residential real estate (13.0%), reinforcing a strategic sector-focused approach.
In the CORPORATE segment, the Bank supported large companies through complex and structured solutions, with an emphasis on financing strategic investments in green energy, real estate, infrastructure projects, healthcare, tourism, transportation, manufacturing, HORECA, technology, and services, as well as liquidity products such as factoring and short-term credit facilities.
Development directions targeted consolidating the presence in energy and real estate, while also actively entering new industries and sectors.
In the AGRO&FOOD sector, Patria Bank financed seasonal working capital, equipment acquisition, and farm modernization, facilitating farmers' access to advanced technology. Financing with European funds continued to be a priority, and starting in 2024, the Bank also integrated the food industry into the agribusiness financing chain. Despite the impact of drought, the quality of the Agro portfolio remained solid, supported by the measures implemented to assist clients.
Thus, in the first six months of 2025, Patria Bank confirmed its role as a relevant financial partner for Romanian companies, strengthening its market position through flexible, sustainable solutions adapted to the specific needs of each sector.
Outstanding loans
The level of outstanding performing loans granted to companies recorded a positive evolution compared to December 2024, respectively an increase of 15.9%. All business lines recorded positive evolutions compared to December 2024, with a positive dynamic of the total loan balance. In the first 6 months of 2025, the Bank continued to focus on increasing the loan portfolio and supporting Micro companies and small companies, further exploiting, for the benefit of clients, the loans with guarantees issued by the European Investment Fund (InvestEU Program) but also on lending to SME companies, supporting both investments and current activity.
Outstanding loans balance Legal entitiesRON million
2,129
1,993
1,788
1,838
1,717
30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025
The agricultural segment continued to be one of the priority segments for lending activity. The significantly improved performances in the first semester of 2025 are, first of all, the result of the consolidation of Patria Bank's commercial team, the focus on increasing profitability on existing clients but also on attracting new clients, as well as the improvement of internal processes and the renewal of the product portfolio.
Thus, the Agro&Food Department recorded a 32.6% increase in the loan portfolio in H1 2025 compared to the end of last year. The demand for financing from Romanian farmers in the period analyzed by the Bank reflects a positive dynamic fueled by the working capital needs of farmers, as well as the growing interest in projects with European funds.
Outstanding loans in | Variation | |||||
stages 1&2 | 30.06.2024 | 30.09.2024 | 31.12.2024 | 31.03.2025 | 30.06.2025 | 30.06.2025 |
(RON thousand equiv.) | vs.30.06.2024 | |||||
Agro | 265,189 | 299,881 | 302,610 | 344,490 | 401,340 | +32.6% |
Micro | 403,884 | 401,917 | 380,786 | 404,337 | 438.581 | +15.2% |
SME&Corporate | 1,048,180 | 1,086,488 | 1,154,406 | 1,244,447 | 1,289,450 | +11.7% |
Total | 1,717,252 | 1,788,286 | 1,837,802 | 1,993,275 | 2,129,371 | +15.9% |
New loan sales
In the first 6 months of 2025, new loan sales in the corporate segment had an improved performance by 40% compared to the first 6 months of 2024, an increase from RON 524 mn to RON 732 mn, respectively. The greatest impact on this result comes from the MICRO and SME & CORPORATE segments.
In the MICRO segment, financing was focused on covering working capital needs, but also on financing investments, including long-term ones, both subsegments having a positive dynamic compared to the same period last year. The implementation of a quick analysis flow contributed to this growth, meeting
New loans sales Legal entitiesRON mn
408
330
324
263
345
Q2'2024 Q3'2024 Q4'2024 Q1'2025 Q2'2025
clients' requests for quick solutions and coverage of financing needs. The bank also maintains its specific and differentiated approach in the area of very small non-agricultural businesses and small agricultural businesses, a strategic segment for the microfinance area.
In the AGRO&FOOD segment, the Bank continued its strategy to acquire new customers through financing and refinancing of investments, in the medium and long term. This strategy is still being implemented, with a focus on financing land acquisitions, equipment, irrigation systems and storage spaces. Since, in the Agro segment portfolio, the largest share is represented by the financing of vegetable crops, the Bank's strategy is also to diversify this segment. Regarding the structure of financing demand in the first half of 2025, it shows a clear focus on working capital loans, of 70%, used both for the establishment of crops and for the payment of input suppliers. Investment and equipment loans represented 20% of the total and financing for the implementation of projects with European funds represented 10%. Compared to the same period in 2024, the demand for working capital recorded a significant advance. Financing for investments decreased slightly, but there is an increase in the appetite of medium and large farmers for projects implemented with European funds, especially in animal husbandry, in the pig and poultry sectors.
In the SME & CORPORATE segment, financing in various areas of the economy was successfully completed in the first 6 months of 2025, with significant volumes being granted in the areas of HORECA, infrastructure, green energy and commercial real estate. The green energy sector is a priority for the national economy and a component of the Bank's financing strategy. The financed segment is solar energy. Also, in the first 6 months, the Bank continued to provide non-cash facilities for the infrastructure segment.
New loan sales | Variation | |||||
(RON thousand equiv.) Q2 2024 | Q3 2024 | Q4 2024 | Q1 2024 | Q2 2025 | Q2 2025 vs | |
Q2 2024 (%) | ||||||
Agro | 51,713 | 70,976 | 64,319 | 69,148 | 96,415 | +86.4% |
Micro | 48,082 | 64,746 | 69,216 | 67,630 | 61,832 | +28.6% |
SME&Corporate | 163,027 | 208,937 | 196,958 | 271,157 | 165,803 | +1.7% |
Total | 262,822 | 344,660 | 330,493 | 407,935 | 324,049 | +23.3% |
Commercial funding (current accounts & term deposits)
1,211
1,108
1,599
1,591
1,652
Commercial funding recorded an increase of 6.1% compared to December of last year. The increase in collected sources was due to the positive evolution in the SME area. The Bank's strategy was to increase competitiveness in terms of prices offered in the short-term maturity segment (1 - 3 months) considering the decreasing trend of interest rates. The Bank also obtained in the first 6 months of 2025 a significant reduction in the funding cost related to commercial sources, by reducing concentrations in the liquidity area and increasing current account turnover.
Commercial funding balance Legal entitiesRON mn
30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025
Retail Banking activity
In the first semester of 2025 the demand for lending products (secured and unsecured) continued the growth trend recorded in 2025 throughout the banking system. Patria Bank continued to actively promote products in the existing portfolio, while launching a mortgage loan product in Euro with a fixed interest rate for the first 5 years. The volume of secured and unsecured loans granted by the Bank in the first semester amounted to RON 127.5 million, up 57.3% compared to the same period in 2024.
Even if secured loans remain at a low value in total lending activity, with a share in sales of 17.3% in the first half of 2025, there is an increasing trend in their sales compared to the similar period in 2024, the variation being +52.1%.
New unsecured loan volumes remained predominant in H1 2025, with a contribution of RON 105.5 million, or 82.7% of the total new loan volumes granted in this segment. The increase in sales in this segment was 58.4% compared to the same period of the previous year. The Bank estimates an increase in the contribution of secured lending in the coming period, by actively promoting existing products, in RON and EUR, both through its own sales force and through intermediary partners.
Retail performing loansRON million
Retail new loan sales
RON million
330
157
237
229
221
228
298
301
311
323
55
51
37
36
12
10
8
8
7
39
30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025
30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025
Regarding the term deposits, there is an increase of RON 6 million lei compared to the end of 2024, with the mention that a slight decrease in value is observed in the balance of current accounts.
Starting with Q2 2025, the promotion actions for savings products have been intensified, being supported by the campaigns launched for periods of 3, 6, 12 and respectively 13 months, in RON.
Commercial funding - Retail clientsRON mn
1.799
1.770
1.766
1.735
1.772
290
312
329
319
317
30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025
Patria de Oriunde
In H1 2025 the Bank continued the intense promotion of the online platform "Patria de Oriunde" by broadcasting campaigns for deposits purchased in RON through radio promotion, and for consumer loans without real estate collateral through TV promotion.
Patria Online
The Internet & Mobile Banking platform of Patria Bank has been expanded continuously by adding new functionalities and digital services options for clients, as well as security updates.
+22% increase in number of Patria Online users in H1 2025 vs. H1 2024
+13% increase in number of transactions executed via Internet & Mobile Banking platforms in H1 2025 vs. H1 2024
Digitalization
Patria Bank continued the process of innovation and digitalization, both in the commercial and operational areas. The main directions include the expansion of lending and products for microenterprises and SMEs, the launch of new digital solutions for corporate clients (Smart API, optimized enrollment flows, Mobile and Internet Banking), as well as the introduction of specialized products such as the "Protection Account" and the optimization of credit and card flows. These projects strengthen the digital experience of customers and support the development of the strategic segments Agro, SME and Corporate.
About Patria BankPatria Bank SA is a joint stock company using a one-tier corporate model, licensed as a credit institution for carrying out banking activities in Romania according to Emergency Ordinance of Government (EOG) no. 99/2006 on credit institutions and capital adequacy.
As at 30.06.2025 Patria Bank Group includes:
Patria Bank SA, credit institution authorized to carry out banking activities on the territory of Romania. The Bank offers banking services and other financial services to individuals and companies, having a market share in terms of assets of less than 1%. These services include: opening of accounts and term deposits, domestic and foreign payments, foreign exchange operations, financing for current activity, medium-term financing, issue of letters of guarantee and letters of credit.
Patria Credit IFN SA, a non-banking financial institution licensed by the National Bank of Romania (NBR) to perform lending activities in Romania, registered in the Special Register of Non-Banking Financial Institutions held by the NBR specialized in rural lending and microfinance. Patria Bank SA holds 99.99% of the share capital of Patria Credit IFN.
SAI Patria Asset Management SA and the six investment funds managed by the company - Patria Obligatiuni, Patria Global, Patria Stock, Patria Euro Obligatiuni, ETF BET Patria - Tradeville and ETF Energie Patria - Tradeville. The company is licensed by the Financial Supervisory Authority of Romania (FSA) for the management of investment funds and is 99.99% under the control of Patria Bank SA.
As at 30.06.2025 the Bank also holds a participation of 95.68% of the share capital of Carpatica Invest SA (formerly SSIF Carpatica Invest SA), a company currently undergoing judicial liquidation
Shareholder structure
The structure of the Bank's shareholders holding at least 10% of share capital at 30.06.2025 is as follows:
Shareholder | No of shares | % Percent |
EEAF FINANCIAL SERVICES BV. Amsterdam | 2,755,927,215 | 84.05 |
Other shareholders - individuals | 420,806,129 | 12.84 |
Other shareholders - companies | 102,081,032 | 3.11 |
Total | 3,278,814,376 | 100.00 |
Directors and Executives
As of 30.06.2025 the management of the Bank is as follows:
Board of Directors Executive Committee
Horia Dragos MANDA
Chairman
Grigore Valentin VANCEA
General Manager
Daniela ILIESCU
Member
Georgiana Mihaela STANCIULESCU
Deputy General Manager, Financial Division
Bogdan MERFEA
Member
Razvan Vasile PRODEA
Deputy General Manager, Risc Division
Nicolae SURDU
Independent member
Vasile IUGA
Independent member
H1 2025 Report 23
Subsidiaries' activity
Patria Credit IFN
Patria Credit IFN SA is a non-banking financial institution (IFN) that supports the efforts of rural and small urban entrepreneurs, as well as their positive impact on their communities. Specialized in financing farmers, Patria Credit is a member of the European Microfinance Network (EMN) and Microfinance Center (MFC) and is the first non-banking financial institution dedicated to microfinance in Romania, with almost 25 years of experience and over 20,000 historically financed clients.
In H1 2025, the company continued to provide loans tailored to the needs of its main segment, namely microfarms, thus consolidating its role as a dedicated microfinance institution. Its main activity was focused on supporting microfarms and small businesses, significantly contributing to their development. In addition, Patria Credit IFN plays an important social role in stimulating the development of local communities, facilitating access to funding for small entrepreneurs and farmers, which has a direct impact on sustainable economic growth and job creation in rural areas.
Thus, as of June 30, 2025, the portfolio structure was maintained, with a high concentration of loans granted to this segment, respectively 83%. Also, the high share of investment loans was maintained, respectively 79% of the portfolio. Regarding the guarantee structure, 86% of the portfolio is secured with guarantees provided by the European Investment Fund through various guarantee programs (Invest EU, EaSi).
On 30.06.2025, Patria Credit's loan portfolio had a value of RON 218 million, up 15.3% compared to December 2024. New loan sales recorded an increase of over 160% compared to the similar period of 2024. The net profit recorded on June 30, 2025 was RON 3.5 million.
Patria Credit aims to continue the external and internal digitalization process, as well as to actively engage with the NGO environment and relevant partners in creating new lending models and promoting good practices in sustainable agriculture.
Agriculture and rural development could be boosted this year by continuing the efforts to reduce the "distance" between producers and consumers by launching new and unique product sales platforms and by opening new distribution channels to large retailers.
3,305 active customers as of 30.06.25
RON 218 mn
Loan portfolio
+160%
New loan sales
RON 3.5 mn
Net profit in H1 2025
H1 2025 Report 24
SAI Patria Asset Management
SAI Patria Asset Management SA, an investment management company authorized by the ASF, continued to increase its assets under management to RON 552.0 million at the end of June 2025. The value reached at the end of the first semester represents an increase of 9.9% compared to the level of RON
502.1 million recorded at the end of 2024 and 32.5% compared to the level of RON 416.6 million recorded at the end of the first semester of 2024. The total assets managed by the company recorded an increase of 387.2% in the last three years ended on June 30, 2025.
This dynamic supported also the improvement of financial performance, with the company reporting on June 30, 2025 a net profit of RON 830.9 thousand, increasing more than two times compared to the net result of RON 314.1 thousand reported on June 30, 2024.
Patria Asset Management manages the only two ETFs (Exchange Traded Funds) established in Romania, Fund ETF BET Patria - Tradeville and Fund ETF Energie Patria - Tradeville..
Fondul ETF BET Patria - Tradeville replicates the structure and performance of the main index of the Bucharest Stock Exchange (BSE), BET, and is traded with the TVBETETF ticker symbol on the BSE. ETF BET Patria - Tradeville had assets of RON 494.8 million as of 30.06.2025, up 10.5% from the asset level of RON 447.7 million recorded on 31.12.2024. The fund unit yield was +16.39% in the first six months of 2025 and +7.43% over the last 12 months ended 30.06.2025. The fund registered 28,849 investors as of 30.06.2025, a slight increase from 28,642 investors on 31.12.2024 (+0.7).
Fondul ETF Energie Patria - Tradeville is a sector ETF dedicated to the energy and related utilities sector, replicating the structure and performance of the BET-NG sector index of the BSE, and is traded on the BSE with the PTENGETF ticker symbol. The Fund had assets of 26.2 million lei as of 30.06.2025, up from 23.3 million lei as of 31.12.2024 (+12.4%). The fund unit yield was +16.21% in the first six months of 2025 and of +8.54% for the last 12 months ended 30.06.2025. The fund registered 4,649 investors as of 30.06.2025, up from 4,328 investors as of 31.12.2024 (+7.4%).
Besides the two ETFs, Patria Asset Management also manages Patria Global and Patria Stock - RON diversified funds, Patria Obligatiuni - a RON fixed-income fund and Patria Euro Obligatiuni - an EUR fixed-income fund. The four funds are distributed through Patria Bank and through Patria Asset Management's own online platform for investment funds. Available at online.patriafonduri.ro, the platform offers easy access to the value of holdings and to online transactions for investing in or withdrawing money from the four funds.
H1 2025 Report 25
RON 552 mn
managed assets as at 30.06.2025
33,498investors in 2 ETFs as at
RON 0.83 mnNet profit in H1 2025
Activity on the Bucharest Stock ExchangePatria Bank has three issues of financial instruments listed on the regulated market of the Bucharest Stock Exchange: the Bank's shares and two issues of subordinated bonds. The Bank's shares trade on the regulated market managed by the Bucharest Stock Exchange (the Premium category) with the PBK ticker symbol. The issue's ISIN code is ROBACRACNOR6.
The closing price of PBK shares at 30.06.2025 was RON 0,0810/share, compared to RON 0.0820/share, the price at the end of 2024 and respectively to RON 0.0830/share the price at the end of H1 2024. The price of Patria Bank's shares showed a relatively stable evolution during the first six months of 2025, continuing the general trend of 2024.
Patria Bank's subordinated bond issue issued in Euro on 20.09.2019, with a total value of EUR 5.0 million, a fixed interest rate of 6.50%/year and maturity on 20.09.2027 trades on the regulated market managed by the Bucharest Stock Exchange with the PBK27E ticker symbol. The ISIN code of the issue is ROZN0PQQARR5. The closing price of PBK27E bonds at the end of H1 2025 as a percentage of the 500 Euro par value was 97.00% compared to 98.26% at the end of 2024.
Patria Bank's subordinated bond issue issued in Euro on 05.10.2020, with a total value of EUR 8.2 million, a fixed interest rate of 6.50%/year and maturity on 05.10.2028 trades on the regulated market managed by the Bucharest Stock Exchange with the PBK28E ticker symbol. The ISIN code of the issue is ROWRHZRZD4L3. The closing price of PBK28E bonds at the end of H1 2025 as a percentage of the 500 Euro par value was 96.66% compared to 98.59% at the end of 2024.
Subsequent events to 30.06.2025
In the meeting held on 10.07.2025, the Board of Directors of the Bank approved the appointment of Mr. Nae Cristian Alexandru as Deputy General Manager, Commercial Division (CCO), member of the Executive Committee of Patria Bank SA for a 4-year mandate starting with 11.08.2025. Exercise of specific responsibilities by Mr. Nae Cristian Alexandru as Deputy General Manager, Commercial Division, member of the Executive Committee, will start following the approval by the National Bank of Romania.
On 18.07.2025, the Bank published a current report at BSE regarding the notice received from EEAF Financial Services BV (the majority shareholder of the Bank), which holds 84.0526% of the total number of shares issued by the Bank, that it is exploring strategic options regarding its investment in Patria Bank, including a potential disposal of all or part of the shares. As of the date of this notice, the majority shareholder has not made any decision regarding a specific option, and there is no certainty as to whether or when such a decision might be made in the future.
Significant transactions
During the first semester of 2025, there were no significant contracts concluded by Patria Bank on acquisitions, mergers, divisions etc. or significant major transactions with persons with whom it would act in concert or in which such persons were involved.
Significant litigations
Patria Bank received on June 27, 2023, as a defendant, the summons issued by the Bucharest Court, Civil Section VI, regarding file no. 8937/3/2023, within the trial with shareholder Mr. Carabulea Ilie, having the deadline of 25.10.2023. The object of the litigation is the request of the shareholder Mr. Carabulea Ilie to compel the defendant to obtain the approval of the National Bank of Romania for carrying out the redemption operation of the shares held by Mr. Carabulea, at the value established within the merger by absorption approved during the General Meeting of the Shareholders of Banca Comerciala Carpatica of 05.10.2016.
The Bucharest Court, by civil sentence no. 3157/20.12.2023, rejected the summons request as unfounded. Against this decision Mr. Ilie Carabulea filed an appeal, rejected by the Bucharest Court of Appeal as unfounded, by decision no. 1032/27.06.2024. Against this decision, Mr. Carabulea filed an appeal, rejected by the High Court of Cassation and Justice by decision no. 840 of 20.05.2025 as unfounded.
Description of any changes to the rights of holders of securities issued by the company
There were no changes to the rights of shareholders during the reporting period.
As of June 30, 2025, shareholders whose voting rights are suspended pursuant to NBR orders held a total of 205,155,348 shares, representing 6.26% of the total number of shares and of the total number of voting rights.
Potential risks in H2 2025The local, European and global economic context is characterized by a high degree of unpredictability, and uncertainties related to trade tensions and the risk of persistent inflationary pressures have increased.
In the Eurozone, there are still risks arising from the announcement of new trade tariffs with the United States, as well as the low level recorded by the manufacturing industry. This evolution, together with inflationary pressures considered more moderate compared to those in the US, supported the continuation of the monetary policy easing cycle by the European Central Bank in April, and it is estimated that it will continue in the latter part of the year and depending on the evolution of inflation which is estimated to be within the estimated target for this year (the target being 2%).
In Romania, the annual inflation rate will record a large leap in the third quarter of 2025, under the impact of the expiration of the electricity price cap scheme and the increase in VAT and excise duties, starting with August 1, and, in the following three quarters it is estimated that it will decrease relatively slowly and on a fluctuating trajectory, considerably higher than that in the previous projection. The annual inflation rate rose to 7.84% in July 2025, from 5.7% in June, as food prices rose by 7.67%, services by 7.33% and non-food prices by 8.18% and this level is expected to remain in the immediate future, at least until the end of 2025. Moreover, Romania ranks last among EU member states in terms of inflation; in June, the EU member states with the highest inflation rates were Romania (5.8%), Estonia (5.2%), Slovakia and Hungary (both 4.6%). The pressure of meeting the budget deficit target, the continued attraction and use of sources from European programs (especially PNRR), economic and financial reform and budgetary consolidation, the impact of fiscal measures packages and the specter of a potential downgrade of the country rating are other risk factors that may manifest themselves in the second half of 2025. Another risk that materialized starting in the third quarter of 2025, with significant implications on the inflation trajectory, is the increase in the price of electricity after the expiration of the capping scheme.
Considering the above, the Bank may be exposed, in the coming period, to the increase and/or manifestation of the following categories of risks:
Lending risk, especially on the increase in the stock of non-performing loans, as a result of the manifestation of the elements described above, which may lead to an increase in the number of commercial companies resorting to legal procedures (creditors' arrangement/insolvency/bankruptcy), as well as to a decrease in the income of retail customers;
Market risk, which may arise from the negative evolution of the yields of debt securities in the Bank's portfolio, of reference interest rates and of the foreign exchange rate;
Operational risk, which in situations of economic crisis, manifests itself through an increase in fraud attempts;
Strategic risk, through unfavorable developments in the yields of debt securities in the bank's portfolio, reference interest rates and foreign exchange rates, which may affect the financial results obtained by the Bank, as well as through the negative manifestation of credit risk, as previously described, which may lead to an increase in the balance of prudential value adjustments.
However, the Bank, through its own specialized personnel, estimates that it can limit the effects of the manifestation of these risks by taking early measures to counteract the estimated effects and through prudent management of loan portfolios, respectively debt securities.