We finished Q1 2022with an all-time quarterly record net profit

14.06.2022    Share +

We finished Q1 2022with an all-time quarterly record net profit

Challenging times like these we live in, require an even sharper company vision, a stronger team effort and customer focus from every business. Over the past years we have proven to have all these ingredients and the results follow.

Our consolidated unaudited financial results for the first quarter of 2022 show all-time quarterly record net profit of EUR 10.2 million, 40% higher compared to the same period of the previous year. In the first three months of 2022 we continued to onboard new BNPL (Buy Now, Pay Later) partners, including new verticals like lifestyle and fashion, adding a new market – Greece, and are now present in almost 15.000 merchant locations. In the same period TBI Buy kept on expanding its services and is offering customers innovative shopping experiences.

Being one of the leaders in South-Eastern Europe when it comes to consumer lending and BNPL, in Q1 2022 we serviced more than quarter a million loan applications in Bulgaria and Romania and disbursed nearly 120 thousand loans. Overall, EUR 154 million were disbursed in the first three months of 2022 – 40% more that in the same period of the previous year.

Growth can be seen in both retail and SME sectors in Bulgaria and Romania аs the our total assets reached EUR 745 million (5% growth compared to the end of 2021), while the loan portfolio increased to EUR 585 million at the end of March 2022 (7% growth compared to the end of 2021). In Q1 2022 granted amount of General-Purpose Loans via Mobile App, Online and Service Centers in Bulgaria grew by 73% compared to the same period of 2021 and thus contributed strongly to our record business performance.

Based on such positive business performance, our revenue grew by 33% to EUR 36 million, mainly driven by 22% increase in net interest income and growth of fees and commissions. This allowed operating profit for Q1 2022 to reach EUR 29.3 million with nearly 34% year-on-year growth. Also, our deposit portfolio reached EUR 514 million at the end of Q1 2022, demonstrating a healthy growth, well outperforming the market.

At the end of the period we had a strong and well secured position from both capital and liquidity sides – on consolidated basis the capital adequacy ratio (CAR) being at 21.4% and liquidity coverage ratio (LCR) – 433% (more than 4 times above the regulatory limit). Our operations were combined with discipline in terms of cost management (49% cost to income ratio) allowed the return on the working portfolio (ROWP) to reach 25%, the return on assets (ROA) – 5.5% and the return on equity – 24.4%. This once again puts us among the most profitable banks in South-Eastern Europe region.

“TBI’s team has once again proven that our business model is resilient against market turbulences, says Petr Baron, CEO of TBI. Our all-time record quarterly numbers don’t come as a surprise, they are the result of our focused efforts, and strong performance of our BNPL plans as well as the General-Purpose financing. Since the beginning of Q2 our operations in Greece are already working on full power and the team is excited with the first results on our newest market”.


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