May 7 (SeeNews) - Bulgaria's First Investment Bank, or Fibank, [BUL:FIB] said its standalone net profit sank to 18.7 million levs ($10.2 million/9.6 million euro) in the first quarter of 2024 from some 32.1 million levs in the comparable period of last year.
Fibank's total income from banking operations fell to 117.2 million levs in January-March from roughly 125.4 million levs a year earlier, the lender said in an interim financial statement last week.
Net interest income increased by 20% on the year to 100.8 million levs, while net fee and commission income climbed by 13% to 37.4 million levs.
The bank's administrative expenses widened to some 56 million levs in the review period from 51.9 million levs in the first three months of 2023. At the same time, provisions for impairment charges rose to some 37.2 million levs from 30.9 million levs.
Loans and advances to customers jumped to 7.34 billion levs at end-March from some 7.16 billion levs at the end of 2023. Client deposits also grew, reaching 11.56 billion levs compared to some 11.49 billion levs at the end of last year.
Fibank was Bulgaria’s fifth-largest lender by assets at the end of March, according to the most recent central bank data. The bank's assets went up to 14.05 billion levs at the end of the review period from 13.89 billion levs at end-December.
As of 1555 CEST on Tuesday, shares in Fibank traded 7.10% higher at 3.32 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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