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Our net profit for the nine months exceeded that for the whole of 2021

The past few years have been challenging for many businesses around the world. Success these days is only possible through a flexible management approach, team commitment and customer focus. Applying all these elements, we continue to record record results.  
 
Our consolidated unaudited financial results for the first nine months of 2022 show a record  net profit of EUR 30.2 million– 33% higher compared to the same period of 2021 and already exceeding the result achieved for the entire previous year (27.5 million euros). As one of the leaders in alternative payment solutions in South-Eastern Europe, we continue to attract new partners and are already present in nearly 20 thousand commercial outlets in our main markets – Bulgaria, Romania and Greece. As a result, in the first nine months of 2022, we served nearly 850 thousand applications in Bulgaria, Romania and Greece, with nearly 400 thousand granted loans worth EUR 520 million (36% year-on-year growth). Thus, our assets reached 909 million euros, marking an increase of 200 million euros since the beginning of the year (28% growth compared to the end of 2021), and our loan portfolio grew to 718 million euros at the end of September 2022 (32% growth compared to the end of 2021). Since the beginning of 2022, consumer loans granted through digital channels and service centers in Bulgaria have grown by 54% compared to the same period in 2021 and are a major contributor to our record results.  
 
Thanks to the positive business results, our revenue grew by 29% to 115 million euros, primarily due to growth in net interest income and fee and commission income. Thus, the operating profit for the first nine months of 2022 reaches 91.6 million euros – with a growth of 30% compared to last year. In addition, our deposit portfolio reached €652m at the end of September 2022, significantly ahead of the market and achieving a healthy growth of 33% – in line with loan portfolio growth. At the end of the period, we stand stable and secure in terms of our liquidity and capital. On a consolidated basis, the liquidity coverage ratio (LCR) is at the level of 521%, and the capital adequacy ratio (CAR) – 17.1%. Our activity for the period is also distinguished by improved efficiency – the ratio of administrative expenses to operating income reaches 48.6%, and the return on serviced loans (ROWP) – 23.7%, allowing return on assets (ROA) to reach 5% and return on equity to 23%.  

[quoteblock content=”Our record nine-month performance is driven by the efficiency of our products and services, as well as the dedication of our team. During this period, we further expanded our partner network by launching our alternative payment solutions in the Greek market, where we now partner with 1,500 merchants, as well as working with new business sectors in Bulgaria and Romania. Our focus for the remainder of the year, and into 2023, will be on delivering even more digital solutions that will further enhance our customers’ convenience and experience.” author=”Sergiy Lubarski” author_position=”CFO” author_avatar=”https://tbibank.com/wp-content/uploads/2023/09/sergiy-lyubarskiy_nobg-1200×1190.png” section_id=””][/quoteblock]

 

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