Bulgaria's Fibank grows 9-mo cons net profit on property revaluations

Fibank booked net revenue of 72.9 million levs from investment property revaluations in the January-September period of this year, sharply up from 13.7 million levs in the comparable period of 2018, the lender said in an interim financial statement on Friday.

The lender's revenue from banking operations fell to 284.3 million levs in the review period from 291.6 million levs the year before. Net interest income decreased to 185.8 million levs from 201.1 million levs a year earlier, while net fee and commission income rose to 74.5 million levs from 71.2 million levs.

Administrative expenses grew to 166.8 million levs in the first nine months of 2019 from 154.9 million levs in the same period of last year, while depreciation costs increased to 91.6 million levs from 69 million levs.

The lender's assets totalled 10.1 billion levs at the end of September, up from 9.6 billion levs at the end of last year.

Loans to clients other than banks and financial institutions increased to 6.1 billion levs at the end of September from 5.7 billion levs at the end of 2018, while deposits from clients other than banks rose to 8.8 billion levs from 8.3 billion levs.

Fibank was Bulgaria's fourth largest lender by assets at the end of October, according to the most recent central bank data.

(1 euro = 1.95583 levs)