SOFIA (Bulgaria), May 5 (SeeNews) – Bulgaria’s First Investment Bank, or Fibank, [BUL:FIB] said its standalone net profit surged to 49.6 million levs ($28.8 million/25.4 million euro) in the first quarter of 2025 from some 18.7 million levs in the prior-year period.
Fibank’s total income from banking operations grew to 158.7 million levs in January-March from 117.2 million levs a year earlier, the lender said in an interim financial statement last week.
Net interest income increased by 10% year-on-year to 110.6 million levs, while net fee and commission income added 8% to 40.6 million levs.
The bank’s administrative expenses widened to some 58.5 million levs in the review period from 56 million levs in the first three months of 2024. At the same time, impairment costs climbed to 39.3 million levs from some 37.2 million levs.
Loans and advances to customers rose to 8.22 billion levs at the end of March from some 7.92 billion levs at the end of last year. Client deposits reached a little over 13 billion levs, up from some 12.99 billion levs at the end of 2024.
Fibank was Bulgaria’s fifth-largest lender by assets at the end of March, according to the most recent central bank data. The bank’s assets went up to some 15.89 billion levs at the end of the review period from 15.73 billion levs at end-December.
As of 1100 CEST on Monday, shares in Fibank traded 0.24% higher at 4.15 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)