June 1 (SeeNews) - Bulgaria's First Investment Bank (Fibank) [BUL:5F4] said on Monday that its consolidated net profit fell to 11.8 million levs ($6.7 million/6 million euro) in the first quarter of the year from 19.4 million levs in the same period of 2019.
Fibank's revenue from banking operations decreased to 92.2 million levs in the January-March period from 96.5 million levs in the comparable period of last year, the lender said in an interim financial statement.
The bank's net interest income dropped to 61.6 million levs in the review period from 63.3 million levs the year before, while net fee and commission income edged up to 24.4 million levs from 23.7 million levs.
Fibank lowered its administrative expenses to 53.2 million levs from 54 million levs the year before. Depreciation costs rose to 17.6 million levs in the first quarter from 13 million levs in the same period of 2019.
The lender's assets edged down to 10.62 billion levs at the end of March from 10.66 billion levs at the end of last year. Loans to customers increased to 6.20 billion levs at end-March from 6.02 billion levs at the end of 2019, while deposits fell to 9.05 billion levs from 9.10 billion levs.
Fibank was Bulgaria's fifth largest lender by assets at the end of March, according to central bank data.
The bank is currently seeking to raise 200 million levs in a capital increase, offering 40 million shares at a price of 5 levs each.
Last year, the ECB found a capital shortfall of 262.9 million euro at Fibank. In December 2019, Fibank placed a 30 million euro bond issue bearing an annual coupon of 8%, and signed deals for the sale of non-performing loan (NPL) portfolios of some 538 million levs in face value. Subsequently, the lender included its 2019 net profit into its common equity tier 1 capital.
As at 15:10 CET on Monday, Fibank shares traded 1.45% higher at 2.8 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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