Bulgarian Fibank more than doubled its 2021 net profit thanks to higher revenues

SOFIA (Bulgaria), March 2 (SeeNews) – Bulgaria’s leading investment bank (Fibank) [BUL:FIB] said its consolidated net profit jumped to 111.4 million levs ($63.01 million/€56.96 million) in 2021 from 45.5 million levs in 2020, as the group grew its banking income and experienced a significant drop in administrative expenses.

The lender’s total income from banking operations in 2021 amounted to around 435 million levs from 373.7 million a year earlier, a year-on-year increase of 14%.

The bank noted a larger decline in income from revaluations of investment properties, to 30.3 million levs from 2.3 million levs in 2020, according to its annual financial statements released on Tuesday.

Fibank’s net interest income rose to 282.5 million levs last year from 249.7 million levs a year earlier, thanks to lower interest rates on attracted funds which led to lower interest charges. Net income from fees and commissions, at 123.5 million levs, was 19.7% higher than in 2020, when it reached 99.2 million levs.

The bank’s administrative expenses fell to 192 million levs from 193.8 million levs in 2020.

Loans to customers increased to some 6.65 billion levs during the reporting period from 6.3 billion levs a year ago, while deposits increased to 9.97 billion levs from 9.5 billion levs.

Fibank’s consolidated assets grew to 11.9 billion levs in 2021, from 11.3 billion levs at the end of 2020.

The lender’s network of branches and offices across Bulgaria decreased slightly to 126 at the end of 2021 from 134 at the end of 2020.

Fibank was Bulgaria’s fifth-largest lender by assets at the end of January, according to central bank data.

(1 euro = 1.95583 levs)

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