SOFIA (Bulgaria), April 5 (SeeNews) – Bulgarian bank TBI said it made a record net profit of 27.5 million euros ($30.2 million) last year, up 39% on an annual basis of comparison.
TBI Bank’s revenue increased 24% year-on-year to EUR 124 million, mainly driven by a 14% increase in net interest income and a 70% increase in fee and commission income , the lender said in a statement Monday, citing consolidated information. unaudited financial results.
The increase in turnover allowed the operating result to reach 96 million euros in 2021, up 30% year-on-year. Profit before tax amounted to 34.6 million euros, up 50% compared to 2020.
An increase in TBI Bank’s general expenses of 19% to 61 million euros is mainly due to the accelerated growth of the loan portfolio and investments in new business lines and markets, the bank said.
“Throughout the year, we onboarded new buy now pay later (BNPL) partners, including new verticals, and we are now present in over 14,000 outlets. adapted to the changing market environment and consumer preferences, which has helped both our retail and small and medium enterprise (SME) sectors to grow above market trends and contribute positively to the overall result,” the bank explained.
In 2021, TBI Bank processed some 1.25 million applications in Bulgaria and Romania and issued nearly 500,000 payment plans. Growth can be seen in the bank’s retail and SME sectors in Bulgaria and Romania, with its total assets increasing by nearly 30% to €710 million, while the loan portfolio reached €544 million. euros at the end of last year.
“Romania, our largest business market, was the leader in terms of growth (38% for Romania; 32% all markets) and contribution to overall business performance,” noted TBI Bank.
The bank’s deposit portfolio reached 411 million euros at the end of 2021, demonstrating healthy growth, well above the market. “Particularly impressive growth was recorded in Romania, where we increased our retail deposit portfolio by 53%, as the overall market contracted,” TBI Bank added.
At the end of 2021, TBI Bank had a strong and well-secured position on the capital and liquidity side – on a consolidated basis, with the capital adequacy ratio (CAR) at 23% and the liquidity (LCR) – 376%, plus more than 3.5 times above the regulatory limit, he said.
“2021 marks an important milestone in the history of our organization: the entry of new markets, Lithuania and Greece. We look to 2022 with great confidence to maintain our leading BNPL position in South Eastern Europe and continue to challenge established norms in the banking industry,” said Petr Baron. , CEO of TBI Bank.
TBI Bank was Bulgaria’s 15th largest lender by assets among 25 local banks and branches of foreign banks in the country at the end of February, according to the latest central bank data.
($ = 0.9118 euro)