Financial results for 2018 strengthen TBI Bank’s position as one of the most profitable and efficient banks in Bulgaria

29.05.2019    Share +

Financial results for 2018 strengthen TBI Bank’s position as one of the most profitable and efficient banks in Bulgaria

TBI Bank’s assets increase by nearly 10% YoY and reached EUR 397 million at the end of 2018, the Bank’s audited consolidated results show. In 2018 we issued new loans for EUR 282 million, contributing to 20% growth in TBI Bank’s gross portfolio, reaching EUR 313 at the end of 2018. Interest income from our loan and insurance portfolios reached EUR 88.9 million, a 22% increase YoY. At the same time, net profit amounted EUR 14.5 million.

So, what is the story behind the figures? Firstly, they are a direct result from our long-term strategy, based on efficiency, profitability, and clear focus on our core business. The financial results also allow us to continue our digital transformation and offer value added services to our 1.2 million customers.

Yes, we are on the digitalization track – and our investments start to pay off. In 2018, we developed our online lеnding capabilities by launching an e-commerce channel on our two main markets – Bulgaria and Romania. It generated new business of 17.5 million EUR from both products Point-of-Sale (POS) Online and Cash Online. We also developed online lending capabilities for business customers and digital deposits solutions for the Romanian retail market. In 2018, we also entered the German market and now offer our deposit products to German residents. More and more digital products will be launched in 2019.

But let’s come back to the numbers. Аt the end of 2018 we have a strong and well secured position from both capital and liquidity sides – CAR being 22.5% and a liquidity ratio – 31.5%. “We are proud that our profit margins, return on assets, and return on equity remain at solid levels, says Denis Gorbunov, our Chief Financial Officer. Two of the most important metrics for us – Cost to Income Ratio and Cost of Risk – also remain at healthy levels, despite of continuing investments in the Bank’s digitalization and a number of challenges we faced in 2018. Combined with our low and stable funding costs, these financial results serve yet another proof that our lean approach is the right way to remain a highly efficient and sustainable organization, satisfying not only the shareholders with return on equity, but more importantly – our customers, serving their financial needs and improving their experience with our financial products”.

TBI Bank remains among the most profitable Bulgarian banks, reporting impressive numbers in the key indicators for profitability. As of the end of December 2018 the return on assets stood at 3.8%, while the return on the working portfolio was 31%.

But that’s enough past tense – what about the future? It also looks positive: Our strong performance in the first months of this year builds a solid base to be optimistic about our financial results for 2019, too.


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