Bulgaria's Fibank ups 9-mo non-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, up from 13.7 million levs in the comparable period of 2018, the lender said in an interim financial statement on Wednesday.

The lender's revenue from banking operations fell to 267.3 million levs in the review period from 278.6 million levs the year before. Net interest income decreased to 173.8 million levs from 186.6 million levs a year earlier, while net fee and commission income rose to 71.9 million levs from 68.6 million levs.

Administrative expenses grew to 158.2 million levs in the first nine months of 2019 from 147.9 million levs in the same period of last year, while depreciation costs increased to 89.2 million levs from 69.4 million levs.

The lender's assets totalled 9.63 billion levs at the end of September, up from 9.24 billion levs at the end of last year.

Loans to clients other than banks and financial institutions increased to 5.87 billion levs at the end of September from 5.53 billion levs at the end of 2018, while deposits from clients other than banks rose to 8.40 billion levs from 8.02 billion levs.

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

(1 euro = 1.95583 levs)