TBI Bank's revenue grew 29% on the year in the nine months through September, to 115 million euro, chiefly on the back of increases in net interest income and in fees and commissions income, the lender said in a statement on Monday, citing consolidated unaudited financial results.
The rise in revenue contributed to a 30% yearly jump in the bank's operating profit in the review period, which reached 91.6 million euro. The bank reported a 48.6% ratio of administrative expenses to operating profit.
"During this period, we expanded our partner network further by launching alternative payment solutions on the market in Greece, where we already partner with 1,500 merchants, while also starting work with new business sectors in Bulgaria and Romania," TBI Bank chief financial officer Sergiy Lyubarskyy said.
The bank's payment solutions, such as buy now, pay later (BNPL) services, are present at close to 20,000 merchant locations in its three main markets -- Bulgaria, Greece and Romania. In the January-September period, the bank processed some 850,000 applications in the three markets and issued nearly 400,000 payment plans. This led to an annual increase of 36% in its issued loans which totalled 520 million euro.
TBI Bank's nine-month consumer credit volumes in Bulgaria, processed through digital channels and physical outlets, surged 54% year-on-year and also contributed to the strong performance. The bank's credit portfolio reached 718 million euro at the end of September, growing by 32% compared to end-2021.
Total assets added 200 million euro since the end of last year to reach 909 million euro at the end of September.
TBI Bank had a strong and well-secured position in the context of both capital and liquidity - on a consolidated basis, the capital adequacy ratio (CAR) stood at 17.1% while the liquidity coverage ratio (LCR) was at 521%, the lender noted.
Looking ahead to end-2022 and into 2023, TBI Bank will focus on further expanding its digital services offerings, Lyubarskyy said.
TBI Bank was Bulgaria's 15th largest lender by assets among 25 local banks and branches of foreign banks in Bulgaria at the end of October, according to the latest central bank data.
