March 1 (SeeNews) - Bulgaria’s First Investment Bank (Fibank) [BUL:5F4] said on Thursday its consolidated net profit fell to 92.2 million levs ($57.4 million/47.1 million euro) in 2017 from 98.8 million levs the year before.
Total revenue from banking operations decreased to 406.6 million levs in 2017 from 471.6 million levs in 2016, Fibank said in an annual financial report.
The lender's net interest income fell to 260.9 million levs last year compared to 319.2 million levs in 2016.
Fibank's net fee and commission income rose to 102.1 million levs in 2017 from 92.2 million levs a year earlier.
Administrative expenses increased to 204.7 million levs in 2017 from 192.3 million levs in 2016, while amortisation costs halved to 78.8 million levs from 156.1 million levs.
Fibank was the third largest lender in Bulgaria in terms of assets as at end-2017, according to data of Bulgaria's central bank.
In 2016, an asset quality review (AQR) of the Bulgarian banking system showed Fibank needs to build up its capital buffers. To address the AQR findings, Fibank should increase its capital by 205.7 million levs by April 2017, the Bulgarian National Bank (BNB) said at the time. In May the following year Fibank said it had implemented the specific measures to meet the central bank's recommendation. Earlier this month, however, the International Monetary Fund said that Fibank still requires larger capital buffers.
(1 euro=1.95583 levs)
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