Fibank presented to minority shareholders its financial results for the first half of the year

On August 19, 2021, Fibank (First Investment Bank) held a meeting with the minority shareholders of the bank, which was attended by all members of the Management Board.

The management of Fibank presented the financial results of the institution and its activity during the first six months of the year.

The assets of First Investment Bank, with principal shareholders Ivaylo Mutafchiev and Tseko Minev, reached BGN 10.8 billion. By this indicator it retained its leading position as the largest Bulgarian-owned bank, and fifth among its peers in the country.

Customer deposits at the end of June reached BGN 9 billion. The bank's loan portfolio amounted to BGN 6.1 billion, increasing by BGN 110 million compared to the end of 2020.

Fibank reported to its shareholders a steady increase in total operating income which reached BGN 185 million, resulting from growth in both net interest income and net fee and commission income. Profit before tax for the first half of 2021 was BGN 30,793 thousand, a net increase of 27.4%.

All ratios were significantly higher than the regulatory required minimum. The capital adequacy ratio of Fibank as of June 30, 2021 reached 21.58%. Tier 1 capital ratio was also 21.58%, while the CET1 capital ratio was 18.01%.

The bank's liquidity coverage ratio as of June 30, 2021 reached 243.61%, and the net stable funding ratio 133.36%, indicating a stable liquidity position.

Equity at the end of June 2021 amounted to BGN 1,201 million, increasing by BGN 23 million for the half-year, mainly due to generated profit.

After presenting the official financial data, the Bank's management held a discussion with minority shareholders. The bank's strategy for reducing non-performing loans by 2023 was discussed. The regulatory requirements for the banking sector in Bulgaria and the EU and the expectations for future changes were also considered. Fibank’s board members shared their views on potential opportunities and regulatory requirements for future distribution of dividends and procedures for repurchase of shares.