Libra Internet Bank's prelim net profit hits all-time high in 2023

The bank's assets grew by an annual 14.4% last year, reaching 11.1 billion lei, Libra said in an unaudited financial report filed with the Bucharest Stock Exchange.

Libra Internet Bank's gross credit portfolio totalled 6.8 billion lei at the end of 2023, representing an 11% increase over the previous year.

The bank said its operational efficiency continued to strengthen last year, with its cost-to-income ratio falling below 40% for the first time. Libra's non-performing loan (NPL) ratio was 2.1% at the end of 2023, remaining below market average, as per the statement.

The lender booked return on equity of 25% and return on assets of 28% last year.

Founded in 1996 in Bucharest, Libra Internet Bank has been a member of US-based investment group New Century Holdings since 2003. The bank operates a network of 58 branches.

(1 euro=4.9708 lei)