As a publicly traded company, First Investment Bank (Fibank) has consistently attracted the attention of investors and the market. Throughout its 32-year history, Fibank has proven to be a pioneer of financial innovation in Bulgaria and remains the issuer of the largest IPO in the history of the Bulgarian Stock Exchange (BSE).
The dynamic performance of Fibank's shares on the open market has created attractive opportunities for high investor returns. Since the beginning of this year, the stock price has appreciated by nearly 20%, reaching BGN 5.10. In January, Fibank was recognized as the “Most Liquid Issuer in the Premium and EUROBRIDGE Stock Segment on the BSE Main Market for 2024.”
Over the past year, First Investment Bank reported a pre-impairment profit of BGN 363.4 million (compared to BGN 322.2 million in 2023). These results were driven by higher operating income and the bank’s effective credit risk management policies. Total income from banking operations rose to BGN 613.2 million (up from BGN 563.9 million in 2023), with growth observed across all key revenue streams. The bank’s total assets grew by 13.4% to BGN 16,856 million, maintaining Fibank's position as the fifth-largest bank in Bulgaria with a market share of 8.22%.
This positive momentum in Fibank’s key indicators continues into 2025. “Data from the first quarter show a clear trend of growth, a stable capital position, and high operational efficiency. The bank is not only maintaining its strategic positions but is also well-prepared to capitalize on new market opportunities in a dynamic economic environment. The figures demonstrate consistent growth across all key metrics, from profits and assets to loans and deposits. Fibank’s net profit grew by 165%, reaching BGN 49.6 million by the end of March this year – an impressive result given the evolving market conditions,” stated Mr. Nikola Bakalov, CEO and Chairman of the Management Board of Fibank. The total profit for the financial group, whose majority shareholders are Ivaylo Mutafchiev and Tzeko Minev, reached BGN 55.9 million in the first quarter, delivering earnings of BGN 0.37 per share.
Highlighting the bank’s strong financial performance, the international credit rating agency Fitch Ratings affirmed Fibank’s ratings and maintained its stable outlook for the institution.
In a recent interview with a Bulgarian daily, Mr. Bakalov hinted at a significant leap in the bank's development: “The scale at which we operate and grow is making the Bulgarian market increasingly limited for us, and we will soon have news in this direction.” At the time, his words pointed toward a new direction but did not disclose specific strategic goals. Today, that vision has materialized. Fibank is poised to fully capitalize on the economic opportunities offered by the European Union and the Eurozone, planning to directly offer its products and services in other European countries. The first step in this strategy is Greece, a Eurozone member state that shares a border with Bulgaria and ranks among its leading foreign trade partners. With Bulgaria’s entry into the Schengen economic area, the economic ties between the two countries have significantly strengthened.
Even the European Commission’s convergence report, which evaluates Bulgaria’s readiness to join the Eurozone, highlights exports of goods and services as a key driver of economic growth. Fibank has long challenged the stereotype that Bulgarian businesses lack competitiveness. As the largest domestically owned bank in Bulgaria, Fibank has proven its ability to compete successfully with major international financial groups. This experience will be a valuable asset as the bank expands into new markets.
The combination of record profits, a strong capital base, and internationally affirmed credit ratings positions Fibank with a solid foundation for the next phase: exporting Bulgarian banking expertise. In fact, Fibank's presence on international markets is not entirely new. The bank operates a branch in Cyprus and owns a subsidiary bank in Albania. Fibank has made no secret of its ambitions to expand further beyond Greece. As it pursues these ambitions, Fibank is set to redefine the scale and impact of Bulgarian capital on the European financial map, enhancing its market credibility with lasting cross-border value.
Коментари