A leading bank in Southeast Europe reported remarkable financial results

In the first nine months of 2023 tbi bank maintained its stable positions in terms of liquidity and capital, continuing to invest in its future development, while also reaching an important share in its deposit portfolio. The leading challenger bank in the Southeast Europe region continues to report remarkable financial results.

tbi’s consolidated unaudited financial statement for the nine months of 2023 shows a net profit of EUR 27.2 million. During the reported period, tbi concluded a number of new partnerships, including with merchants from new sectors, and is now present in over 22,200 retail outlets in its main markets – Bulgaria, Romania and Greece. This impressive range contributes to the bank being among the leaders in terms of payment products offered in the three countries.

By the end of September 2023. tbi bank served 1.7 million financing applications in Bulgaria, Romania and Greece, which is double the number compared to the same period in 2022. In addition, 70% of end customer financing applications were submitted through digital channels for self-service (compared to 48% in the nine months of 2022) and contribute significantly to the excellent results. By the end of September, the bank had approved nearly 500,000 loans with a total value of EUR 672 million (28% more than in the same period of 2022).

tbi reported an impressive 50% growth in assets at the end of September 2023, reaching EUR 1.35 billion (vs. EUR 910 million at the end of the nine months of 2022). The loan portfolio grew to EUR 979 million at the end of September 2023 (36% growth compared to the first nine months of 2022).

Thanks to these positive results, the income of tbi bank increased by 30% to EUR 150 million, mainly thanks to a 30% increase in net interest income and a 26% increase in net fee and commission income. Thus, the operating profit for the first nine months of 2023 reaches 104 million euros.

In addition, the deposit portfolio of tbi bank reached EUR 1 billion at the end of September 2023 – a growth of 54% compared to September 2022, which is significantly ahead of the market. This result is mainly due to term deposits in the final customer segment, where the increase is even greater – 66% compared to September 2022.

The increase in the bank’s total expenses by 28% to EUR 72 million is mainly due to the accelerated growth of the loan portfolio and investments in new business lines (the development of the free debit card neon and the mobile application) and markets (the expansion in Greece).

At the end of the reporting period, the bank stands stable and secure in terms of liquidity and capital. On a consolidated basis, the Liquidity Coverage Ratio (LCR) is at 604% (well above the regulatory minimum of 100% and the banking sector average of 242%), and the Capital Adequacy Ratio (CAR) at 21.1%. The activities of tbi bank for the period are distinguished by improved efficiency in cost management (the ratio of operating expenses to operating income reaches 48.5%), while at the same time the return on loans is at the level of 21.6%, which allows the return on capital (ROE) to reach 20%.

“tbi is here to solve clients’ problems on a daily basis. This translates into our strong financial performance while prudently managing risk“, says Peter Baron, CEO of tbi Financial Services. “In the third quarter of 2023, our dedicated team continued to provide the best solutions for customers in Bulgaria, Romania and Greece. We continue to continuously improve products and expand our partner network, which gives us confidence for the year ahead.”

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