Bulgaria's Fibank cons net profit soars 62% in 2023

Fibank's total income from banking operations went up to 563.5 million levs last year from 476 million levs in 2022, the lender said in a financial statement last week.

The bank booked a net interest income of some 406.8 million levs in the review period against 296.2 million levs a year earlier. At the same time, net fee and commission income rose to 158.6 million levs from some 145 million levs.

The lender's administrative costs widened to 238.3 million levs from 217.9 million levs, while impairment costs climbed to 145.2 million levs from 140.2 million levs.

Outstanding loans to clients came in at 7.68 billion levs at the end of 2023, up from 6.82 billion levs at the end of 2022, while client deposits increased to 12.32 billion levs from 11.45 billion levs.

Fibank was the fifth-largest lender by assets in Bulgaria as of the end of January, according to the latest central bank data. The bank’s consolidated assets leapt to some 14.9 billion levs at the end of last year from 13.5 billion levs at the end of 2022.

As of 1545 CET on Friday, shares in Fibank traded flat at 2.60 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)