March 30 (SeeNews) - Bulgaria's TBI Bank said on Thursday that its net profit jumped by an annual 29% last year, to 35.5 million euro ($38.5 million).
TBI Bank's revenue went up by 30% year-on-year to 161 million euro, the lender said in a statement, citing consolidated unaudited financial results.
The rise in revenue helped operating profit reach 122 million euro in 2022, up 28% on the year. The bank recorded a 49.8% ratio of administrative expenses to operating profit last year.
"We are quick to adapt to the changing market environment and consumer preferences, which has helped our retail and small and medium-sized enterprises (SME) business grow above the market average and contribute positively to the bottom line," the bank said.
TBI Bank serviced nearly 1.3 million applications in Bulgaria, Romania and Greece last year and issued some 550,000 payment plans for a total of 726 million euro, up 34% year-on-year. Both end customers and SMEs on the Bulgarian and Romanian markets contributed to the increase.
In 2022, the bank's consumer credit volumes in Bulgaria, processed through digital channels and physical outlets, added almost 50% in annual terms. Its credit portfolio grew by 43%, reaching 778 million euro.
At the end of last year, TBI Bank had a strong and well-secured position in terms of both capital and liquidity, with capital adequacy ratio (CAR) at 22.1% and liquidity coverage ratio (LCR) at 592%, above the 100% regulatory limit.
The bank's total assets went up by an annual 54% to 1.1 billion euro at the end of the review period.
"Looking ahead to 2023, we continue to develop innovative products and services that will further enhance everyday smartphone banking (our mobile app and neon debit card are the best examples of this) and expand our partner network in Bulgaria, Romania and Greece," TBI Bank's CEO Petr Baron said.
TBI Bank was Bulgaria's 14th largest lender by assets among 25 local banks and branches of foreign banks in the country at the end of January, according to the latest central bank data.
($1 = 0.9219 euro)