Bulgaria's Fibank Q1 cons net profit falls 37% y/y

Fibank's total income from banking operations went down to 129.1 million levs in January-March from some 136 million levs a year earlier, the lender said in an interim financial statement earlier this week.

The bank posted a net interest income of some 110.7 million levs in the first three months of this year, compared to 92.9 million levs in the same period of 2023. In parallel, net fee and commission income grew to 39.1 million levs from 34.6 million levs.

The lender's administrative expenses widened to 64 million levs from 58.9 million levs, while impairment costs rose to 36.5 million levs from 31 million levs.

Outstanding loans to clients totalled 7.89 billion levs at the end of the review period, up from 7.67 billion levs at the end of last year, while client deposits climbed to 12.46 billion levs from 12.32 billion levs.

Fibank was the fifth-largest lender by assets in Bulgaria as of end-March, according to the latest central bank data. The bank’s consolidated assets increased to some 15.11 billion levs at the end of March from 14.86 billion levs at the end of last year.

As of 1100 CEST on Friday, shares in Fibank traded 1.83% lower at 4.30 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)