Carpatica registers losses in Q3

Carpatica Bank lost 1.47 million RON (0.4 million euros) in the third quarter of the year, according to data reported to the Bucharest Stock Exchange. In the first nine months, the bank posted 1.48 million RON (0.4 million euros) in net profit, less than half of the profit reported in June, of 3.38 million RON. In 2007, Carpatica recorded a net profit worth 6.5 million RON (nearly 2 million euros) in the first three quarters. “The current economic and financial context has left its mark on the bank’s economic and financial results in the third quarter of 2008, with the higher cost of financing having a heavy impact. Additionally, the reassessment of capital market investments has revealed a loss in value, while another factor has been the setting up of credit risk provisions,” the bank’s representatives explain in a release sent to the Stock Exchange.