Bulgaria's TBI Bank to transfer 2023 profit into capital

The bank's profit for the first half of 2023 was transferred into capital following approval by the Bulgarian National Bank granted at the end of last year, TBI said in a press release. To support future growth, investors have also decided to reinvest in the company the profit achieved in the second half of last year.

"By capitalising the profit for 2023, we are providing a solid foundation for our development in the markets in which we operate. We will continue to invest in the continuous improvement of our products and services to make our customers' lives even easier," TBI Bank CEO Petr Baron said.

In 2023, TBI Bank increased its net profit by an annual 17% and grew its assets by nearly 40%.

Last year, the bank received 1.6 million applications for financing from customers in Bulgaria, Romania and Greece, double the 2022 number. It approved nearly 750,000 loans totalling some 1 billion euro, which represented a 30% rise year-on-year.

TBI Bank operates in Bulgaria, Romania, Greece, Germany and Lithuania.

($ = 0.9321 euro)