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May 31, 2023 10:32 EEST
May 31 (SeeNews) - Bulgaria’s First Investment Bank, or Fibank, [BUL:FIB] said that its consolidated net profit surged to 38.4 million levs ($21.1 million/19.6 million euro) in the first quarter of 2023 from 16.3 million levs a year earlier.
Fibank's total income from banking operations went up to some 136 million levs in January-March from 108.4 million levs in the like period of last year, the lender said in an interim financial statement on Tuesday.
The bank booked a net interest income of 92.9 million levs in the review period, up from 71.5 million levs. In parallel, net fee and commission income grew to 34.6 million levs from 29.7 million levs.
The bank's administrative expenses widened to 58.9 million levs from 55.7 million levs. At the same time, impairment costs rose to 31 million levs from 29.3 million levs.
Outstanding loans to clients increased to 6.95 billion levs at the end of March from 6.82 billion levs at the end of 2022, while deposits went up to 11.64 billion levs from 11.45 billion levs.
The bank’s consolidated assets grew to 13.8 billion levs at the end of the first quarter from 13.5 billion levs at the end of last year.
Fibank was the fifth-largest lender by assets in Bulgaria at end-March, according to central bank data.
Shares in Fibank last traded on Tuesday when they closed at 2.10 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)
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