May 31 (SeeNews) - Bulgaria's First Investment Bank (Fibank) [BUL:5F4] said that its consolidated net profit fell to 19.4 million levs ($11.1 million/9.9 million euro) in the first quarter of the year from 22.9 million levs in the same period of 2018.
The drop was mainly due to the fact that the bank received a net 8.9 million levs in tax returns in the first quarter of last year, while it paid 2.5 million levs in taxes during the first three months of 2019, figures from its interim financial statement, published on Thursday, showed.
Fibank's profit before taxes grew to 22 million levs in the January-March period of 2019 from 13.9 million levs in the comparable period of 2018.
Revenue from banking operations increased to 96.5 million levs in the review period from 94.4 million levs the year before.
Net interest income fell to 63.3 million levs in January-March from 65.5 million levs in the like period of last year, while net fee and commission income edged up to 23.7 million levs from 23.2 million levs the year before.
Fibank's administrative expenses grew to 55 million levs in the first three months of the year from 49.9 million levs in the same period of 2018.
The company's capital adequacy ratio worsened slightly to 15.46% at the end of March 2019 compared to 15.70% at the end of March 2018. Fibank's liquidity coverage ratio at the end of March stood at 238.64%.
The lender's consolidated assets rose to 9.70 billion levs at the end of March from 9.59 billion levs a year earlier.
Loans to customers other than banks rose to 5.86 million levs at the end of March from 5.72 million levs a year ago, while deposits increased to 8.48 million levs from 8.34 million levs.
Fibank was Bulgaria's fourth largest lender by assets at the end of March, according to central bank data.
The bank had 154 branches and offices in the country at the end of March, one more compared to a year earlier.
As at 13:10 CET on Friday, Fibank shares traded 1.18% lower at 3.36 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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