March 13 (SeeNews) - Bulgarian lender TBI Bank said on Wednesday that its consolidated net profit leapt to 42.4 million euro ($46.3 million) last year from 35.5 million euro in 2022.
Revenue increased by 32% on the year to 203 million euro in 2023, primarily driven by higher net interest, fee and commission income, TBI Bank said in a press release. Net interest income climbed 27% year-on-year, while net fee and commission income rose 25%.
The bank's total expenses went up by an annual 20% to 96 million euro on the back of accelerated growth, investments in new products and its expansion in Greece. The operating cost-to-income ratio stood at 47.2% at the end of 2023 against 51.7% a year earlier.
TBI Bank's loan portfolio widened by 34% year-on-year to 1.04 billion euro at the end of last year, while deposits grew by 38% to some 1.12 billion euro. The return on loans stood at 21.3%, resulting in a return on equity of 20.9%.
In its key markets - Bulgaria, Romania and Greece - TBI Bank processed 2.5 million loan applications in the review period, double the number of the previous year, with 71% of applications made through digital self-service channels. The bank approved loans totalling 1 billion euro in 2023, representing a 33% jump in annual terms.
The lender's assets expanded by 40% to 1.48 billion euro last year.
TBI Bank was Bulgaria's tenth largest lender by assets among 23 local banks and branches of foreign banks in Bulgaria at the end of December, central bank data showed.
In December, TBI Bank issued an oversubscribed 10 million euro three-year bond, its second for 2023, amid strong investor interest.
($ = 0.9161 euro)
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