Bulgaria's Fibank more than doubles 9-mo cons net profit

Fibank's total income from banking operations leapt to 440.5 million levs in January-September from 346.1 million levs a year earlier, the lender said in an interim financial statement last week.

The bank recorded a net interest income of some 300 million levs in the first nine months of this year, compared to 211.7 million levs in the same period last year. In parallel, net fee and commission income grew to 114.3 million levs from 108.5 million levs.

The lender's administrative expenses went up to 174.7 million levs from 165.6 million levs, while impairment costs rose to 95.6 million levs from 94.9 million levs.

Outstanding loans to clients totalled 7.39 billion levs at the end of the review period, up from 6.82 billion levs at the end of last year, while client deposits climbed to 11.74 billion levs from 11.45 billion levs.

Fibank was the fifth-largest lender by assets in Bulgaria as of end-October, according to the latest central bank data. The bank’s consolidated assets increased to some 14.1 billion levs at the end of September from 13.5 billion levs at the end of last year.

In October, Fibank said it decided to postpone a planned 300 million euro ($326.3 million) issuance of senior preferred notes on international capital markets due to the currently unfavourable global geopolitical situation, market conditions and investor expectations.

Shares in Fibank last traded on Friday when they closed at 2.58 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)